M, N and O are partners sharing profit and losses in the ratio 2:1:1. N died on 1st Jun 2020. The sales from 1st January 2020 to 1st Jun 2020 was OMR 90,000. Sales for 2019 OMR 120,000 Profit for 2019 was OMR 28,000. Calculate N's share of profit on the basis of turnover. a. None of the options b. OMR 20,997.00 O c. OMR 5,249.25 O d. OMR 26,246.25
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- M, N and O are partners sharing profit and losses in the ratio 2:1:1. N died on 1st Jun 2020. The sales from 1st January 2020 to 1st Jun 2020 was OMR 90,000. Sales for 2019 OMR 120,000 Profit for 2019 was OMR 28,000. Calculate N's share of profit on the basis of turnover. a. None of the options b. OMR 20,997.00 c. OMR 5,249.25 d. OMR 26,246.25M, N and O are partners sharing profits in the ratio of 2: 2: 2. N dies on 30th Jun 2020 due to ill health. The company profits for the last 3 years was OMR 20,000, OMR 20,000 and OMR 20,000. Calculate the profit share of N? O a. None of the options are correct O b. OMR 3333.33 O c. OMR 20,000 d. OMR 10,000Bam and Daniel formed a joint venture. They agreed to share profit or loss on the ratio of 70% and 30%, respectively. The results pf operations for 2022 taxable year were provided below: Joint Venture Bam Daniel Gross Income 5,000,000.00 3,000,000.00 2,000,000.00 Business expenses 3,000,000.00 2,000,000.00 1,000,000.00 The income tax due of Bam is? a. 288,000 b. 0 c. 97,000 d. 600,000
- U V and W are partners sharing profits in the ration of 2:3:5. They also decide to record theeffect of the following revaluations and reassessments without affecting the book values of assetsand liabilities by passing a single adjustment entry:Book Value (Rs) Revised Value (Rs)Land and Building 3,00,000 3,50,000Furniture 1,50,000 1,00,000Sundry Creditors 60,000 20,000Outstanding Salaries 10,000 15,000 The single adjustment entry will (a) Dr. W and Cr. U by 10,500 (b) Dr. U and Cr. W by Rs. 10,500 (c) Dr. V and Cr. U by Rs. 10,500 (d) Dr. W and Cr. V by Rs. 10,500The Partnership of Rose and Dailine is being dissolved, and the assets and equities at book value and fair value and profit and loss ratios at January 1, 2021 are as follows:Book Value Fair ValueCash P20,000 P20,000Accounts Receivables – net 100,000 100,000 Inventories 50,000 200,000Plant Assets – net 100,000 120,000P270,000 P440,000Accounts Payable P50,000 P50,000Rose, Capital 120,000Dailine, Capital 100,000P270,000 Rose and Dailine agreed to admit Janyla into the partnership for one-third interest. Janyla invests P95,000 cash and a building to be used in the business with a book value to Janyla for P100,000 and a fair value of P120,000.Compute the capital balance of Dailine after the admission assuming that the assets are revalued and goodwill is recognized.a. P175,000 c. P195,000b. 155,000 D. 205,000X, Y and Z are partners sharing profits in the ratio 3:21, respectively Capital accounts are P 500,000, P300,000 and P 200,000 for X, Y and Z, respectively on December 31, 2021, when Z decided to withdraw. It is agreed to pay P 300,000 for Z's interest. Profits after the retirement of Z are to shared equally Assuming the use of bonus method, how much is the capital balance of X after the retirement of 2
- X purchased 40% of Y on January 1,2019 for $400,000. Y paid dividends of $50,000 in each year. Y's income statements for 2019 and 2020 showed the following: 2019 2020 Income (loss) before income taxes $100,000 (60,000) Income tax expense (recovery) 40,000 (15,000) Net income (loss) $60,000 ($45,000) Other comprehensive income (net of tax) 20,000 25,000 Comprehensive income (loss) $80,000 ($20,000) At December 31, 2019, the fair value of the investment was $440,000 and at December 31, 2020, the fair value of the investment was $420,000. Required: Prepare X's journal entries for 2019 and 2020, assuming that is a significant influence investment.F. The partnership of Anthony and Davis had an unprofitable year and agreed to liquidate their business on December 31, 2019. The Statement of Financial Position as of December 31, 2019 is presented below: A S S E T S Cash P 1,000 Accounts Receivable P 80,000 Less Allowance for Bad Debts 20,000 60,000 Merchandise Inventory 50,000 Prepaid Advertising 2,000 Office Equipment P 100,000 Less Accumulated Depreciation 60,000 40.000 TOTAL ASSETS P 153,000 LIABILITIES AND EQUITY Accounts Payable P 20,000 Notes Payable (due October 31, 2020) 86,000 Anthony, Capital 30,000 Davis, Capital 17,000 TOTAL…Abdullah, Mazin and Amir are partners sharing profits in the ratio of 9: 6: 3. Mazin retires and Goodwill of the firm is valued on that date OMR 30,000. Calculate the Goodwill share of Mazin? A. OMR 2,500 b. None of the options C.OMR 10.000 d. OMR 7,500
- Incredible and Joyful are partners who share profit on a 60:40 ratio. At the end of 2021, the partnership books showed a net income of P150,000. It was disclosed however that the following errors and omissions were noted (see image below). How much is the corrected net income in 2021?Partners Arias, Bobadilla and Briones share profits and losses 50:30:20, respectively. The statement of financial position at April 30, 2019 follows: Cash P 40,000 Accounts Payable P100,000 Other Assets 360,000 Arias, Capital 74,000 Bobadilla, Capital 130,000 Briones, Capital 96,000 Total 400,000 Total P400,000 The assets and liabilities are recorded and presented at their respective fair values. Banzon is to be admitted as a new partner with a 20% capital interest and a 20% share of profits and losses in exchange for a cash contribution. No goodwill or bonus is to be…Rules for the Distribution of Profits or Losses In January 2019. Nick Marasigan and Dems Asacta agreed to produce and sell chocolate candies. Marasigan contributed P2,400,000 in cash to the business. Asacta contributed the building and equipment, valued at P2,200,000 and P1.400,000, respectively. The partnership had profits of P840,000 during 2019 but was less successful during 2020, when profit was only P400,000. 2. Determine the share of profit for each partner in 2019 and 2020 under each of the following conditions: a. The partners agreed to share profit equally b. The partners failed to agree on a profit sharing arrangement. The partners agreed to share profit according to the ratio of their original Investments d. The partners agreed to share profits by allowing interest of 10% on their original Investments and dividing the remainder equally The partners agreed to share profits by allowing salaries of P400,000 for Marasigan and P280,000 for Asacta, and dividing the remainder…