26. Salary expense has been incurred but not yet paid to employees will be: a. Added to share of profits of partners b. Added to corresponding expense in the income statement
Q: The objective of preparing Income Statement of partnership is: a. To show drawings of partnership…
A: Income statement shows various amount of revenues and expenses.
Q: S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance…
A: Profits from the partnership are divided and taxed according to a capital balance for each partner,…
Q: Which one of the following statement is correct on preparation of partnership final accounts? a.…
A: Which one of the following statement is correct on preparation of partnership final accounts . Net…
Q: Partnership firm make adjusting entries at the end of the accounting period: a. In order to record…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance…
A: "Since you have asked multiple question we will solve the first question for you. If you want any…
Q: 1. The SOCE is dated "as of the year ended". 2. There are two equity accounts reported on the S0CE…
A: Full form of SoCE means a statement of changes in equity. It's a statement that summarises the…
Q: 28--Service revenue received in advance before work has been performed is an example for: a. Accrued…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Interest on partners' capital is calculated on the? O a. Closing balance of capital only O b.…
A: Interest on capital is the income which is given to the partners to contribute the required capital…
Q: 3. In analyzing the income statement, your client noted that no salaries to partners were listed as…
A: Partnership means where two or more person comes together to do some common business activity and…
Q: The share of loss of partners will appear: a.On the credit side of the partners+IBk- capital account…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Partners' capital balances reflect the cumulative effect of a. Initial Capital b. Additional…
A: Partnership is an agreement between two or more than two persons in which they invedt capital, run…
Q: salary to partner
A: Profit distribution method that recognizes primarily the time and effort that a partner may devote…
Q: The use of average capital in distributing profits and losses results in equitable distribution…
A: In the given case option D both statements are True is correct option.... The use of average capital…
Q: profit or loss
A: .To compensate the partners for the difference in capital contributions, they may include which of…
Q: When bonus is given to old partners ____? a. old partners' capital accounts are credited. b. new…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: 15. Which statement(s) is incorrect? * -Income summary account is closed directly to capital…
A: Answer: Concept: Partnership firm is the association of two or more person. They agree to share…
Q: Which of the following is not a component of the formula used to distribute profit? * After all…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Which of the following statements about paid-in capital is correct? a) Shows the capital amounts…
A: Paid-in capital refers to the total amount of capital contributed by the owners of the entity in the…
Q: S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance…
A: Profit and Losses (including bonuses and revaluations) are allocated in accordance with partnership…
Q: or each of the following independent profit and loss agreement, prepare the profit distribution…
A: Partnership: A form of business entity formed by mutual agreement between two or more persons. In…
Q: The amount taken from the business by the partners for their personal use is called: a.Interest on…
A: The amount taken from the business by the partners for their personal use is called Drawings..Option…
Q: In case the partnership makes profit, how will an industrial partner be given a share? A. what is…
A: There are many type of partners in partnership agreement. industrial partners is different type of…
Q: Salary expense has been incurred but not yet paid to employees will be: a. Added to partners'…
A: Salary expense has been incurred but not yet paid to employees will be recorded as an expense since…
Q: The share of profit of partners will appear: a. On the credit side of the partners+IBk- capital…
A: Solution: The share of profit of partners will appear "On the debit side of the profit and loss…
Q: Which of the following distribution would be made last in dividing profits to the partners when…
A: Based on Partnership Agreement Distribution shall be made in partnership P& L Appropriation…
Q: amount invested by the partners more than their existing capital is called: a. Drawings b.…
A: Option B is correct... The amount invested by the partners more than their existing capital is…
Q: . The amount invested by the partners more than their existing capital is called: a. Drawings b.…
A: Drawings are nothing but the amount withdrawn by partners from their firm Interest charged on amount…
Q: Required: Determine the partners' share in the profit under each of the following assumptions: 1.…
A: Since you have asked a question with multiple sub parts, we will solve the first three sub parts for…
Q: The share of loss of partners will appear: A. On the debit side of the profit and loss appropriation…
A: Loss indicates the excess of expenses over the income available for the appropriation account.
Q: S1: The form and content of the Changes in Owners’ Equity of a partnership are similar to that of a…
A: Partnership refers to the legal act of agreement between two or more members who have mutually…
Q: Which one of the following item will be debited in profit and loss appropriation account? a.…
A: Interest On Capital ,Partners salary,Partners commission,partners bonus are debited to partners…
Q: partnership
A: Correct Answer :- D Credited to partner capital Account.
Q: corresponding expense
A: Salary expense has been incurred but not yet paid to employees will be: Correct Answer :- B Added…
Q: The use of average capital in distributing profits and losses results in equitable distribution…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: A partnership: A) Is also called a sole proprietorship. B) Has unlimited liability for its partners.…
A: Hi, Thank you for the Question. As per the honor code, we’ll answer the first question since the…
Q: Salary expense has been incurred but not yet paid to employees will be: a. Added to corresponding…
A: Incurred salaries expense is salaries payable. This expense may have not been paid but it is an…
Q: 33) The withdrawal of capital by a partner from the business of partnership will be: a. Credited to…
A: Solution 33: Once capital is withdrawn from partnership, it will decrease capital account of…
Q: ear 1 lan (a) et Income (loss) alance allocated in proportion to nitial investments Balance of…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: A statement of changes in partners' equity should Include all of the following except a. Beginning…
A: This question deals with the statement of changes of equity of the partner. Statement of changes in…
Q: 2. Determine the share of profit for each partner in 2021 and 2022 under each of the a. The partners…
A: Here in this question, we are required to determine profit share in three situation. Partnership is…
Q: At the time of retirement of a partner, undistributed profit or loss of the old firm should be…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: KINDLY ANSWER THE FIVE QUESTIONS. THANK YOU! 1.S1: Partnership profits and losses (including…
A: The questions are multiple choice questions. The topic is related to Partnership Accounting.
Q: .A partner’s capital account is credited for the following transactions, except * -Share in net…
A: Solution: A partner’s capital account is credited for: 1. Share in net income 2. Original and…
Q: he profit or loss on realization is transferred to partners' capital accounts in their: Sacrificing…
A: REALIZATION PROFIT OR REALIZATION LOSS ARE TRANSFERRED TO THE PARTNER'S CAPITAL ACCOUNT IN THEIR…
Q: The purpose of preparation of partners' capital account is: a. To know the balance of goodwill of…
A: The purpose of preparation of partners' capital account is: To know the balance of capital of…
Q: the absence of agreed profit distribution among partners, the most equitable way to distribute net…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Step by step
Solved in 2 steps
- 27- Salary expense has been incurred but not yet paid to employees will be: a. Added to partners' capital b. Added to corresponding expense in the income statement c. Added to current assets in the balance sheet d. Added to share of profits of partners28) Salary expense has been incurred but not yet paid to employees will be: a. Added to corresponding expense in the income statement b. Added to partners' capital c. Added to current assets in the balance sheet d. Added to share of profits of partnersSalary expense has been incurred but not yet paid to employees will be: a. Added to partners' capital b. Added to share of profits of partners c. Added to current assets in the balance sheet d. Added to corresponding expense in the income statement
- Which one of the following will be recorded under debit side of the partners' capital account? a. Partner's salary b. Partners' share of profit c. Interest on capital d. Interest on drawings10.A partner’s capital account is credited for the following transactions, except * -Share in net income -loan from the partner -Original and additional investment -both A and C -answer not givenThe partner's capital account is credited in the following cases except in posting of the a. share in profit b. additional capital c. original capital d. closing entry of the drawing account at the end of the period
- 33) The withdrawal of capital by a partner from the business of partnership will be: a. Credited to profit and loss account b. Debited to partners' capital account c. Credited to partners' capital account d. Debited to profit and loss appropriation accountRequired:a. Prepare schedule showing the division of net income among the partners.b. Prepare a Statement of Changes in Partners' Equity on December 31, 201318- The objective of preparation of statement of financial position of partnership is: a. To show the income and expenses of the partnership firm b. To show how net profit has been distributed among partners c. To show the ratio of capital of partners d. To show the financial position of business
- A partner's withdrawal of assets from a LLP that is considered a permanent reduction in that partner's equity is debited to the partner's: Select one :- a. Retained Earnings account b. Loan Receivable account c. Drawing account d. Capital accountWhich of the following distribution would be made last in dividing profits to the partners when interest on capital balances and salary allowances are involved? * 1 point a. Equally b. Specified ratio c. Salary allowances d. Interest on capital balances3. The Statement of Changes in Partners' Equity contains the following data except for; a. Additional Investment/Permanent withdrawal b. All of these c. share in net income or loss/ personal drawings d. Initial investment