Ahad and her four friends started a boutique in Muscat. She invested 5000 OMR and her friends contributed a capital of 3000 OMR each. How do the responsibilities shared among them? a) Equally b) Unlimited liability c) Limited liability d) Partnership do not allow to sharing concepts

Ahad and her four friends started a boutique in Muscat. She invested 5000 OMR and her friends contributed a capital of 3000 OMR each. How do the responsibilities shared among them? a) Equally b) Unlimited liability c) Limited liability d) Partnership do not allow to sharing concepts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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الوقت المتبقی: 1 ساعة. 21 دقائق. 39 ثانية )توان۔ :ali Jlas! b السؤال 8 :Characteristics of a general partnership include all of the following EXCEPT Unlimited liability A O Mutual Agency .B O „Limited life .C O A double income tax.D O SUS pouse break prt sc Nysra F12 delete home Paup pgdn 7nd backspace num Ik CO 80 Yscr Ik P home Pgup CASI0 enter K 7. shift O end ciri Hem) CHEMO
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ageNOWv2 | Online teachin x + keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false еBook Show Me How E Calculator Black and Shannon have decided to form a partnership. They have agreed that Black is to invest $204,000 and that Shannon is to invest $68,000. Black is to devote one-half time to the business, and Shannon is to devote full time. The following plans for the division of income are being considered: a. Equal division. b. In the ratio of original investments. C. In the ratio of time devoted to the business. d. Interest of 6% on original investments and the remainder equally. e. Interest of 6% on original investments, salary allowances of $45,000 to Black and $75.000 to Shannon, and the remainder equally. f. Plan (e), except that Shannon is also to be allowed a bonus equal to 20% of the amount by which net income exceeds the total salary allowances. Required: For each plan, determine the division of the net income under each of the following…
ageNOWv2 | Online teachin x + keAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3false еВook Show Me How Calculator Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 20Y3 Cash $36,150 Accounts receivable $68,000 Less: Allowance for doubtful accounts 4,000 64,000 Land 163,000 Equipment $63,000 Less: Accumulated depreciation-equipment 39,000 24,000 Total assets $287,150 Accounts payable $20,200 Notes payable 58,750 Hannah Freeman, capital 208,200 Total liabilities and owner's equity $287,150 Freeman obtained appraised values for the land and equipment as follows: Land $227,000 Equipment 18,700 Check My Work Next 10:5 - ) all 10/2 insert prt sc 411 + backspc 9% 5 7\ 8. R T Y U H K
ns/d/e/1FAlpQLSctKcKeXPGMjY7sLc-jKwKLdkwO-Tf4OZHjCtiE13CRyH our email Form* Your answer QUESTION 3 A. State the significance of the brought down balance on EACH partner's current account." Barney and Swiper are in partnership. Their Current Account balances as at 31 March 2015 before appropriation were: a. Current Accounts Barney Swaper 2 500 (600) State the significance of the brought down balance on EACH partner's current account. Yout answer QUESTION5-Prepare the Appropriation Account of The Sharks Bay Fishermen Cooperative Society
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ted Apel and Lawer are in partnership, sharing profits and losses in the ratio 3:2. it QUESTIONS 6 Question One The following information were taken from their books for the year ended 31 December 2015, before the completion of their profit and loss appropriation nt. account. an GH¢ Current accounts (1 January 2011) Apel Lawer 640 (Dr) 330 (Cr) Drawings - Apel 3,000 2,000 Lawer 6,810 Net Profit 540 Interest on Capital - Apel Lawer 720 2,000 Salary - Apel Interest on Drawings - Apel 270 180 Lawer Prepare for the year ended 31 December 2015: a. The profit and loss appropriation account of Apel and Lawer. b. The current accounts in the ledger for Apel and Lawer.