Capital contribution: Naidoo R200 000Pillay R300 000The remaining profit of R700 000 will be shared according to their capital contributions. Profit will be shared as follows:O A. Naidoo R50 000 Pillay R150 000.B. Naidoo R280 000 Pillay R420 000.O C. Naidoo R755 000 Pillay R125 000.O D. Naidoo R45 000 Pillay R155 000.

Partnership is one form of business organisation under which two or more than two persons join their…

Answered: Capital contribution: Naidoo R200 000…

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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X derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 Interest income from 5/6 lending to clients: P150,000 Interest income from bank deposits in the amount of P25,000. Royalty income for the sale of books where he is the author: P120,000. Capital gain on sale of personal car in the amount of P20,000. Capital gain on the sale of stocks directly to buyer: P30,000. Ordinary gain on sale of old office furniture in the amount of P10,000. Dividend income from stocks of San Miguel Corporation: P60,000. Proceeds received from the life insurance of his deceased father: P1,000,000 what is the total income of X which is subject to regular tax?
341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the Benefits paid to retirees Actuarial loss 32,000 89,000 year 50,000 335,000 Fair value of plan assets, Dec. 31 How much is the return on plan assets during the year? a. 51,000 b. 81,000 с. 101,000 d. 1,000
Khalid makes $57,000 a year. In 2021, the YPME is $61,600, YBE is $3500, contribution rate is 5.45% each. How much will he contribute in 2021 towards CPP? O $3204 O $2604 $5196 $2648
9
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Donations were made on January 30, 2018 of P500,000.00, March 30, 2018 of P2,000,000.00 and August 16, 2018 of P1,500,000.00. How much is the total donor's tax should be paid on March 30, 2018? P60,000 P90,000 P120,000 P135,000
A man inherited a regular endowment of P100,000 every end of 3 months for 10 year. How much is this lump sum at the end of 10 years if the cost of money is 14% compounded quarterly? A P1,511,433.22 В P141,059.88 P 8,455.027.78 D P345,789.22
Iskandar earned RM500,000 a year from his estate agency for 30 years with interest rate 9% and annual sinking fund 2%. 30% tax levied on his saving deposit. Calculate the capital must be invested by Iskandar.
George transfers the following (assume it is a 351), what is his stock basis? Land (basis $40,000 and FMV of $100,000) Notes payable on land for land improvements ($25,000) He also gets back $10,000 in cash from transfer O a. $15,000 O b. Zero Oc $30,000 Od $40,000 Oe $5,000
Juan and Pedro have the following transactions during the year:Juan:Beginning capital – 01/01/2022 – 1,000,000Debit - - 08/01/2022 – 300,000Debit - - 09/01/2022 – 800,000Credit - - 10/30/2022 – 900,000Credit - - 04/01/2022 – 70,000Pedro:Beginning capital – 01/01/2022 – 700,000Debit - - 09/01/2022 – 100,000Debit - - 05/30/2022 – 90,000Credit - - 11/30/2022 – 500,000Credit - - 06/30/2022 – 100,000What is the ratio of Juan’s share in income if the partnership calls for profit sharing equivalent to the average capital ratio?
Nonsa bought a shop for R120 000. Her estimated cash inflows for the next five years are R15 000, R28 000, R42 000, R35 000, and R40 000. The IRR (internal rate of return) is O a. 11,93%. O b. 9,16%. O c. 10,01%. O d. 6,66%.
The tax bracket and holdings of your client are as follows: Federal tax bracket = 33% Investment Annual Income June 30, Last Year's Purchase Price June 30, This Year's Market Price Money fund $6,500 $100,000 $100,000 11% T bonds $11,000 $100,000 $140,000 S&P 500 Index Fund $6,000 $100,000 $160,000 Computer stock fund $3,000 $100,000 $85,000 *There have been no capital gain distributions. During the 12 months from June 30 last year, through June 30 this year, the portfolio earned in annual yield and before-tax appreciation, respectively: 5.5% yield and 17.5% appreciation 5.5% yield and 21.3% appreciation 6.6% yield and 17.5% appreciation 6.6% yield and 21.3% appreciation

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