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- Determine what kind of defective contracts (A. Rescissible, B. Voidable, C. Unenforceable , D. Void or Inexistent) are the following: 1. Contract of sale of “shabu”. 2. Contract to manipulate the result of the election through hacking. 3. Contract of sale between husband and wife. 4. A simulated real estate mortgage. 5. A contract whereby X agreed to be the mistress of Y for P30,000.00 monthly allowance. 6. A contract whereby the debtor agreed to work for the creditor for free as long as the debtor has not paid his debt. 7. A lease contract where it is stipulated that the lessor can forcibly evict the lessee for non-payment of rent. 8. A contract of sale of the seller’s future inheritance from his parents. 9. A contract whose cause or object did not exist at the time of the transaction. 10. A contract of sale of a slightly used human brain. 11. A contract of barter or exchange of a human heart for a human liver. 12. A contract whereby the City of Baguio donated Bakakeng Road to…23) Partner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: a. Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 c. Debit : Ahmed's Capital account RO 6000 Credit: Ahmed's Salary account RO 6000 d. Debit : Cash account RO 6000 Credit: Ahmed's Salary account RO 6000Which one of the following item will be debited in profit and loss appropriation account? a. Interest on loan b. Interest on drawings c. Interest on deposits d. Bonus to partners
- From a partner's viewpoint, which of the following will have an unfavourable effect on the closing balance of the current account of a partner? Opening debit balance in the current account Interest on drawings Salaries iv) Drawings A.D, 0), 1) and iv) OB.1), ) and iv) OC.) and iv) only D. 1), 1) and iv) mod/aua/sunumary phplattempte 5116948emidoPartner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: a. Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 O b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 Oc. Debit : Ahmed's Capital account RO 6000 Credit: Ahmed's Salary account RO 6000 O d. Debit : Cash account RO 6000 Credit: Ahmed's Salary account RO 6000 P.Partner's Salary of RO 6000 paid to partner Ahmed for the year. The adjustment Journal entry for the above transaction will be: O a. Debit : Ahmed's Salary account RO 6000 Credit: Cash account RO 6000 O b. Debit : Ahmed's Salary account RO 6000 Credit: Ahmed's Capital account RO 6000 O. Debit : Ahmed's Capital account RO 6000 Credit: Ahmed's Salary account RO 6000 Od. Debit : Cash account RO 6000 Credit: Ahmed's Salary account RO 6000
- 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…9- Which one of the following item will be debited in profit and loss appropriation account? a. Interest on drawings b. Interest on loan c. Interest on deposits d. Bonus to partnersThe partner's drawing account is used: O To reduce the partner's capital account balances at the end of an accounting period O To record the partner's share of net income or loss for an accounting period O In the same manner as the partner's loan accounts O To record the partner's salaries.
- From a partner's viewpoint, which of the following will have a favourable effect on the closing balance of the current account of a partner? OA. Opening debit balance in the current account; Partner's salaries; Partner's bonus OB. Opening credit balance in the current account; Interest on drawings; Partner's bonus O C. Opening credit balance in the current account; Interest on drawings; Partner's salaries; Partner's bonus OD. Opening credit balance in the current account; Partner's salaries; Partner's bonus5. Maria brought in her business to the partnership, the accounts receivable has a P 100,000 balance, it was agreed that the net realizable value of the receivable should be adjusted to P 75,000. What should be the amount of allowance for bad debts? a. 65,000 b. 15,000 c. 25,000 d. 55,000In case of admission of a partner, the first adjustment that need to be prepared is?? A. Bank account B. Profit and loss account adjustment C. The revaluation of assets D. Realization of income or loss S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protected S2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. * A. Both statements are true B. s1 True; S2 False C. S2 True; S1 False D. Both statements are false S1: Joint Control is present if tow ore more parties have greater than 50% Control.S2: One Party has more than 50% in a joint arrangement * A. Both statements are false B. Both statements are true C. S2 True; S1 False D. s1 True; S2 False S1: If the total contributed capital of THE partnership is greater than the total agreed capital, it is possible that a goodwill be recognized or an undervaluation of asset occurred.S2: Noncash…