Question 5 The XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Determine which tax year the partnership can elect without IRS permission. June 30 Sept 30 Dec 31 deferral deferral deferral (# Total (# Total months) months) (# Total months) X 40% 6/30 0 Y 30% 9/30 3 9 3.6 6 2.4 0 0 9 2.7 Z 30% 12/31 6 1.8 3.0 Total 2.7 0 0 5.1 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30 or 12/31?
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- The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution? A. $10,000 B. $7,000 C. $3,000 D. none of the aboveSubject : income tax X Partnership, a general professional partnership had the following data in 2019:Gross Income P1,000,000Deductions 300,000Partners A and B agreed to divide the profits and losses 60% and 40% respectively.8. How much is the income tax due to X Partnership?a. P0b. P150,000c. P210,000d. P220,000
- QUESTION 1 Mweemba and Phiri are in partnership sharing profits and losses in the ratio 7:3 respectively. The following information has been taken from the partnership records for the year ended 31 May 2020. Partners' capital account Mweemba k200,000 Phiri k140,000 Partners' current accounts, balances as at 1 June 2019: Mweemba K15, 000 Cr Phiri K13, 000 Cr During the year ended 31 May 2020 the partners made the following withdrawals from the partnership bank account. Mweemba Phiri k10, 000 on 31 August 2019 K10, 000 on 30 November 2019 K10, 000 on 28 February 2020 K10, 000 on 31 May 2020 k7, 000 on 31 August 2019 K7,000 on 30 November 2019 K7,000 on 28 February 2020 K7,000 on 31 May 2020 Interest is to be charged on withdrawals at the rate of 12% per annum. Interest is allowed on capital accounts and credit balances on current accounts at the rate of 12% per annum. Phiri is to be allowed a salary of k15, 000 per annum. The Net profit of the partnership for the year ended 31 May 2020…11. X Partnership, a general professional partnership, had the following data in 2020; Gross Income P1,000,000 Deductions 300,000 Partners A and B agreed to divide the profits and losses, 60% and 40% respectively. How much is the income subject to tax of X Partnership? а. РО b. P1,000,000 c. P700,000 d. P1,300,000Question 1 Ahmed and Sayed are partners in A&S Partnership. Ahmed invests $250,000 and Sayed invests $450,000. They agree to grant salary allowance of $40,000 to Ahmed and $60,000 to Sayed; an 8% interest allowance on beginning capital balances and to share any remaining income or loss equally. A&S partnership reports net income of $190,000 for this year. Required: Allocate the net income between the partners. PLEASE SHOW THE CALCULATION FOR EACH PARTNER IN A SEPARATE LINE
- On December 31, x2 the total partnership capital (assets less liabilities) for the Bird, Cage, and Dean partnership is P744,000.Selected information related to the preclosing capital balances is as follows: How much is the partnership net income during the year?a. P84,000b. P144,000c. P204,000d. P44,000Homework Activity 2 A B and C are in partnership sharing profits and losses in the ratio of 3:2:1. On 1st Jan 2019, their capital balances are: A 30,000 B 20,000 C 10,000 The terms of partnership provides that All partners are eligible for interest on capital @6% All partners are liable to pay interest on drawings @ 4% All Partners are eligible for salary @ RO 200 per month The net profit for the year ended 31st Dec 2019 before making the above terms was 18,000. The drawings of the partners were: A 3,000 B 2,000 C 1,000 You are requested to prepare Profit and Loss Appropriations Account Capital accounts of three partners under fluctuating capital methodThe XYZ Partnership is being formed by three partners. Their ownership in the partnership, and tax year ends are listed below. Determine which tax year the partnership can elect without IRS permission. X 40% 6/30 Y 60% 9/30 Total deferral (# months) 0 June 30 3 total 0 1.8 1.8 deferral (# months) Sept 30 total 101 Which tax year can the partnership elect without IRS permission? 6/30 or 9/30
- Problem 3. The A,B,C partnership agreement specifies that partnership net income be allocated as follows: A B C Salary allowance P30,000 P10,000 P40,000Interest on ave. capital balance 10% 10% 10% Remainder 40% 40% 20% The average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c. Assuming a current year net income of P150,000, what amount should be allocated to each partner? Assuming a current year net income of P50,000, what amount should be allocated to each partner?Help me pleaseTHE FINAL ACCOUNTS OF PARTNERSHIP QUESTION 1 Kendrick and Kendra are in partnership sharing profits and losses in the ratio 3:2, respectively. The following is their trial balance as at 31s' December, 2020. Debit Credit GH¢ GH¢ 100,000 Freehold premises cost (1/1/2020) Leasehold premises cost (1/1/2020) Fixtures at cost (1/1/2020) Provision for depreciation: Fixtures 60,000 8,200 4,200 Trade Receivables 61,400 Trade Payables 26,590 Cash at bank 6,130 Inventories at (1/1/2020) 62,740 Sales 363,111 Purchases 210,000 Carriage outwards 3,410 Discounts allowed 620 Loan interest: Prince 3,900 Office expenses Salaries and wages 4,760 57,809 Bad debts 1,632 Provision for doubtful debts 1,400 Loan from Natasha 65,000 Capitals: Kendrick 100,000 Kendra 75,000 Current accounts: Kendrick 4,100 Kendra 1,200 Drawings: Kendrick 31,800 Kendra 28,200 640,601 640,601 Additional information: 1) Inventory on 31st December, 2020 was valued at GH¢74,210. 2) Expenses to be accrued: Office Expenses GH¢215;…