*The partnership would recognize $6,000 of Sec. 1245 gain on this asset if it was sold.

Q: How to complete the personal balance and calculate the net worth?

A: Calculation of Net worth and Personal balance.

Q: Which of the following costs is a nonlease component for the lessee? Group of answer choices taxes…

A: The objective of the question is to identify which of the given costs is considered a nonlease…

Q: Question 19 Which of the following is not an expense? Prepaid Expense. Cost of Good Sold. Salary…

A: Expense and revenues are two important element of income statement of business. Net profit is…

Q: Discuss the difference between an unrealized holding gain and a realized gain.

A: The gain is the excess of revenue earned over the expenses incurred.

Q: Differentiate the net farm income, economic profit, and accounting profit.

A: Profit or Income: Profit or income is the amount of revenue realized from the operations of the…

Q: How does an “opportunity cost”,  subtracting from the revenue of an alternate course of action,…

A: Opportunity cost: Opportunity cost is a loss of income from one alternative if another alternative…

Q: 1. What are gains and losses? Please explain and provide an example for both.

A: Income Statement - The income statement includes Revenue earned and losses incurred due to…

Q: what types of investments generate interest income and how is interest income reported?

A: When a person makes an investment then that person will earn a return or an income on that…

Q: Differentiate between a property tax and transfer tax

A: A property tax is a federal tax levied by the government where such property is situated. A property…

Q: explain the owner equity ratio if owner equity ratio less than 0.5 it's good or bad

A: The equity ratio is a ratio indicating the relative proportion of equity in total assets of the…

Q: difference between owner fund & borrowed fund

A: The funds can be raised from various sources of finance such as equity, preference shares, debt in…

Q: Explain the meaning of Estate.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: What are compensated absences?

A: Compensated absences are the absences or leaves for which the employees will be paid. Example of…

Q: st of googs sold and intrest expens

A: The cost of goods sold can be calculated by using the inventory turnover ratio. Inventory turnover…

Q: How can the marginal rate of return be used to decide when to sell a property?

A: Answer: The following are the factors that cause a change in marginal rate of return over time, An…

Q: What are the primary benefits of investing in real estate income property?

A: Advantages of real estate income property investment are: Tax benefits It helps the investors in…

Q: Compounding refers to the earning of interest on interest earned previously.   Group of answer…

A: Compounding frequency is the number of times in a particular year that the last investment amount is…

Q: What is the role of trusts in estate planning?

A: The process of managing the assets of an individual or an organization until the death of the…

Q: How to calculate the inheritance amount?

A: Inheritance Tax is a tax on the all property, possessions and money of someone who has died. In the…

Q: Explain Transfer of Property or a Beneficial Interest in Borrower?

A: The question is based on the agreement of Mortgage loan in real estate deal.

Q: Definition of Estate?

A: Estate: Definition of estate is similar to definition of Assets. Assets owned by an individual in…

Q: What is the main advantage of receiving dividend income vs. interest income? Explain.

A: A person receives dividend income on the equity investments made by him/her.In contrast, a person…

Q: Revenues Costs: Variable cost of goods sold Variable selling and administrative expenses

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define capital gain (loss)

A: Whenever an asset is sold, the seller incurs either a profit or a loss. The asset may be a real…

Q: When a person is not spending on current consumption or taxes, and gives up some current consumption…

A: Savings typically refers to the money that is saved or set aside by individuals, businesses, or…

Q: Why put the normal loss costing into the true loss account for abnormal loss?

A: Cost accounting: Cost accounting is a form of managerial accounting that aims to capture a company's…

Q: Why is there a need for reducing accruing expenses?

A: Accruing expenses are also called as accrued expenses. These are the expenses for which the company…

Q: Cost Go Into Your Land definition

A: Property, Plant, and Equipment:  Property, Plant, and Equipment refers to the fixed assets, having a…

Q: What are sundry expenses?

A: Sometimes in business operation, a small number of various expenses are incurred and for each such…

Q: How much is the profit attributable to Owner's of the parent and NCI, respectively?

A: Profit attributable to the non controlling interest is the amount of profit over which the parent…

Q: Discuss, using practical why capital ratio is used to share a loss on realization

A: The ratio is used because the partners having more capital is liable for more loss and the partner…

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.