Mr. Ahmed, the general partner of a big furniture store in Muscat is going to contribute a bigger share of money to settle the partnership's liabilities to its creditors. Why Ahmed is going to do so? O General partners have a distinct legal personality O General partners have unlimited liability O None of the choices are correct O General partners will contribute more because they have more money

Mr. Ahmed, the general partner of a big furniture store in Muscat is going to contribute a bigger share of money to settle the partnership's liabilities to its creditors. Why Ahmed is going to do so? O General partners have a distinct legal personality O General partners have unlimited liability O None of the choices are correct O General partners will contribute more because they have more money

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 44P

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Which of the following may not be treated as a partnership for tax purposes? Arnold and Willis operate a restaurant. Thelma and Louise establish an LLP to operate an accounting practice. Lucy and Desi purchase real estate together as a business. Jennifer and Ben form a corporation to purchase and operate a hardware store. All of the above are partnerships.
Mr. Ahmed, the general partner of a big furniture store in Muscat is going to contribute a bigger share of money to settle the partnership's liabilities to its creditors. Why Ahmed is going to do so? None of the choices are correct General partners will contribute more because they have more money General partners have unlimited liability General partners have a distinct legal personality
46-Mr. Ahmed, the general partner of a big furniture store in Muscat is going to contribute a bigger share of money to settle the partnership's liabilities to its creditors. Why Ahmed is going to do so? General partners will contribute more because they have more money General partners have a distinct legal personality None of the choices are correct General partners have unlimited liability
The partnership is in need for an additional capital. As a capitalist partner, B was compelled to remit an additional P100,000.00. Luckily, the partnership was able to gain more profit than losses. What remedy is available to B to get back the P100,000.00? He has the remedy to file for reimbursement He has the remedy for accounting He has the remedy for information He has the remedy for return of the capital
Josiah Barlow, Patty DuMont, and Owen Maholic are contemplating the formation of a partnership. According to the partnership agreement, Barlow isto invest $60,000 and devote one-half time, DuMont is to invest $40,000 and devote three-fourths time, and Maholic is to make no investment and devotefull time. Would Maholic be correct in assuming that since he is not contributing any assets to the firm, he is risking nothing? Explain.
G is a capitalist partner. He was able to contribute P500,000.00 for the benefit of the partnership. Fortunately, the partnership became so successful. G is now demanding the return of his P500,000.00 because there is sufficient capital for the partnership. What will you tell G as the accountant of the partnership? G has no right to the return of the capital because dissolution is not yet effected. G has no right to return his advances because dissolution is not yet effected. G has the right to the return of the capital because he was able to comply with his duties as a partner. G has the right to return his advances because a sufficient capital is already available.
Josiah Barlow, Patty DuMont, and Owen Maholic are contemplating the formation og a partnership. According to the partnership agreement, Barlow is to invest $60,000 and devote one-half time, DuMont is to invest $40,000 and devote three-fourths time, and Maholic is to make no investment and devote full time. Would Maholic be correct in assuming that since he is not contributing any assets to the firm, he is risking nothing? Explain.
I want answer for these questions please. I will give big thumb and Thanks Ali, Ahmed, and Khalid are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Ali, OR 60,000; Ahmed, OR 70,000; and Khalid, OR 50,000. The profit and loss ratio has been 2:3:1 for Ali, Ahmed, and Khalid, respectively. The partnership has OR 35,000 cash, OR 170,000 non cash assets, OR 25,000 accounts payable Required: Journalize the sale of the non-cash assets for OR 200,000, the payment of the liabilities, and the payment to the partners. 2. Discuss admission of new partner by purchasing an existing partner’s interest
Zahra and Zamzam were partners sharing the profits and losses of their partnership firm “ Muscat traders ” in the ratio of 4:2. As the duo were struggling with managing the ever increasing financial needs of their business and hence they decided to admit Zulfa in their partnership firm. Zulfa, a rich lady was drawn in to induce funds in the cash strapped business. She agreed to participate in the struggling venture demanding a 4/7 share in profits, which was agreed by Zahra and Zamzam You are requested to explain in detail as to how the reconstitution of the firm would take place considering each and every necessary adjustment including calculation wherever applicable.
Kali and Jane are contemplating on the profit-sharing strategy of the partnership. However, the selected modes of profit distribution vary according to their level of income. Jane was offered a salary of P50,000 or a salary of P20,000 plus a bonus of 15% of net income after salary and bonus. Per estimate, other partners were to receive also a salary amounting to P150,000. What income level would result to indifference on Jane?
The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,000 but no other assets. Liabilities amount to $30,000. The capital balances are If both Hammond and Winwood are personally insolvent, how much money must Berry contribute to this partnership? If only Winwood is personally insolvent, how much money must Hammond contribute to the partnership? How will these funds be disbursed? If only Hammond is personally insolvent, how much money should Anderson receive from the liquidation?
D was tasked to buy all the coffee beans supplies for the partnership. The accountant of the partnership gave D P100,000.00. When D was about to pay the coffee beans, D found out that he was lacking P50,000.00. So that he will not be delayed in delivering the coffee beans, D gave an additional P50,000.00. What right can D avail to get back his P50,000.00? He has the remedy for accounting He has the remedy for return of the capital He has the remedy to file for reimbursement He has the remedy for information