:Characteristics of a general partnership include all of the following EXCEPT Unlimited liability A O Mutual Agency .B O Limited life .C A double income tax.D
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- Not what you’re looking for? Continue submitting your question. Submit your question Question i. Kijiko and Sahani is in partnership sharing profits and losses 3:2. ii. Under the terms of the partnership agreement, the partners are entitled to interest on capital at 5% per annum and Sahani is entitled to a salary of Kshs. 4,500. Interest is charged on drawings at 5% per annum depending on when the drawings were withdrawn and the amounts of interest on drawings are given below. No interest is charged or allowed on current accounts. The interests on drawings are: Kijiko kshs. 600 and Sahani Kshs. 750. iii. The partners’ capitals at 1 July 2018 were: Kijiko Kshs. 30,000 and Sahani Kshs. 10,000. iv. The net trading profit of the firm, before dealing with partners’ interest or Sahani salary for the year ended 30 June 2019 was Kshs. 25,800. At 1 July 2018, there was a credit balance of Kshs. 1,280 on Sahani current account, while Kijiko current account balance was a debit of Kshs.…1. Ramos Toribio Partnership is a general professional partnership, with Ramos, married, and Toribio, single3, participating equally in the income and expenses. The following are the data for partnership and the partners: A. The gross income of Ramos from the Partnership is: B. The taxable income of Ramos is:Douglas pays Selena $44,100 for her 27% interest in a partnership with net assets of $127,300. Following this transaction, Douglas's capital account should have a credit balance of a.$44,100 b.$11,907 c.$34,371 d.$127,300
- Select for each of the following either "Yes", it is a guaranteed payment or "No", it is not.\\n\\n1. An amount paid to a partner for the performance of services. \\n2. An amount paid each year to the partners as a return on their investment in the partnership. \\n3. An amount paid that is comparable to a salary or interest payment. \\n4. Payments that are generally not deductible. \\n5. Payments that can result in a loss to the entity. \\n\\nb. Complete the statements below regarding the reporting of guaranteed payments on Form 1065 and its various schedules.\\n\\nGuaranteed payments are \\n on Form 1065. These amounts are also shown on \\n as an item that must be allocated to the partners for them to report as ordinary income. Therefore, in the partnership's "book-tax reconciliation" on \\n, the guaranteed payments are added to book income so that the two measures of the partnership's income can be equal.\\n\\nc. Complete the statement below regarding the reporting of guaranteed…The picture attached here is the problem. Choose the correct LETTER of answer: What is the amount of total liabilities after formation? a. P450,000 b. P475,000 c. P500,000 d. P525,000 e. None of the above. What amounts should be recorded as capital for Darren and Darryl at the formation of the partnership? a. P650,000 P450,000 b. P675,000 P475,000 c. P700,000 P500,000 d. P725,000 P525,000 e. None of the above What is the amount of total partners capital after the formation? a. P1,100,000 b. P1,150,000 c. P1,200,000 d. P1,250,000 e. None of the above1. Xavier and Yolanda have original investments of $49,500 and $104,400, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of $28,700 and $30,900, respectively; and the remainder to be divided equally. How much of the net income of $112,300 is allocated to Xavier? a.$59,472 b.$28,700 c.$49,560 d.$38,600 2. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much of the net income of $77,000 is allocated to Yolanda? a.$36,000 b.$38,000 c.$44,000 d.$77,000 3. Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their…
- Supposing that the old partnership of A & B reported the following: Partners Capital Profit and loss ratio A P200,000 40% B 300,000 60% If C is to be admitted for 20% interest in the partnership by investing P125,000, then the new profit and loss ratio of A & B, respectively, in the new partnership, without specific agreement would be A. 60% 40% B. 32% 48% C. 40% 60% D. 48% 32%Hamisi and Peter are partners, sharing profits and losses in the ratio 3:2. The following is the trial balance in the partnership books at 31st December 2020. Dr Cr Shs Shs Capital Account at 1st January 2020 - Hamisi 16,400 - Peter 13,200 - Hamisi 3,600 - Peter 2,400 Provision for doubtful debts 480 Purchases…Y1 is the managing partner of PP Partnership. He is given an incentive of 5% bonus on profit The profit of the partnership is P757,250, net of income tax rate of 35%. How much is the bonus before deduction of bonus and income taxes?
- 24 TM and SJ, having capital balances of P980,000 and P525,000 respectively, decided to admit GD into their partnership. GD is to invest sufficient amount in order to have a 25% interest in the partnership. If TM and SJ share profit in a proportion of 3:1, respectively, and SJ’s capital balance after GD’s investment is P589,750, Group of answer choices 848,750 847,000 1,174,250 588,0001. X is indebted to the partnership for P10,000.00 and to the managing partner, Y, for P20,000.00. Y was able to collect from X, P6,000.00. How much should Y give the partnership? a. P2,500.00 b. P2,000.00 c. P3,000.00 d P1,500.002. The ZXC Partnership is very successful. However, it was later on discovered that Partner T, the accountant of the partnership, was working as a part-time accountant in a university. What is the remedy of the partnership against T? a. None of the above b. .The partnership may compel A to remit all his salaries. c. The partnership may compel A to resign in the university. d. The partnership may file a criminal complaint of estafa against AMa1. Nina and Sue form an equal partnership during the current year. They agree to share profits and losses equally. Nina contributes cash of $100,000 and Sue contributes property (A/B of $80,000, FMV of $100,000) subject to a recourse debt of $50,000 which the partnership will assume. a. Is any gain or loss recognized on the formation of the partnership? b. What basis do the partners have in their partnership interest after the formation?