The second cash payment to any partner/s under the program of priorities shall be made thus

Q: The following certain attributes present into a contract to determine whether the arrangements with…

A: Revenue can be recognized when there is a contract with the customers and performance obligation has…

Q: compare the presentation and disclosure of defi ned contribution and defi ned benefi tpension plans;

A: Pension Plans: These types of plans provide retirees the benefit of the services that they provided…

Q: Give the Essential Features of Partnership. Explain each.

A: Partnership is an arrangement or agreement between two or more persons in which they invest capital,…

Q: Define partnership

A: A partnership is a legal agreement between 2 or more person to run the business for a foreseeable…

Q: Show allocation of profit/loss among partners.

A: Calculaion of the total income (loss) from the partnership business as at 31st December…

Q: What follows is a very explicit discussion of like-kind exchanges under IRC provisions?

A: Section 1031 of IRS  refer to the exchange of one financial property for another that allows…

Q: As a general rule, one of the elements needed to make an agreement binding is consideration. True…

A: Consideration: A promisee gives a promisor something in exchange for it. Real or personal property,…

Q: In bill of exchange the payment is received by

A: Option (d) is the correct answer

Q: consignor satisfies its performance obligation under consignment contract?

A: Consignment sales are sales made by the one person (consignee) on behalf of the other person…

Q: Under what circumstances will a partner recognize a gain from an operating distribution?

A: Partnership Account - A partnership is a mutual agreement enter into two or more entities for the…

Q: he partner

A: Partnership DefinitionA partnership is an agreement between two parties, known as business partners,…

Q: Briefly describe how IFRS guidelines for recognizing revenue from multiple-deliverable arrangements…

A: Definition: Revenue recognition principle: Revenue recognition principle emphasizes, that the…

Q: al Currency, Functional Currency and Pre

A: Local currencies are currencies that circulate mostly locally and at a community level. They work as…

Q: Hedging of positions and portfolios is accomplished via the use of both kinds of contracts.

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Statement I: In the preparation of cash priority program, the partner who is most prone to losses is…

A: Cash  priority program such program designed for the payment compute the amount for safe to the…

Q: What is interstate public offering?

A: Companies want money to expand the business and there are limited resources as a private company, so…

Q: A general partnership may be formed by Group of answer choices either oral or written agreement.…

A: A general partnership is formed when two or more person agreed to share assets, profit share and…

Q: ortion

A: Corporation earning can we sub divided into parts  Use to distribute the dividend  Retain the…

Q: When a bidder submits a proposal, does that act complete a contract? Explain.

A: For a stated cost, it is necessary to submit a bid to do the venture. Even the staff and machinery…

Q: Define each of the following terms:b. Independent projects; mutually exclusive projects

A: The Project evaluation and selection are one of the key components in Capital Budgetting decisions…

Q: 10.Ijarah is explained by which of the following   (A)Contract for usufruct (B)Contract of…

A: Ijarah means to give something on rent. It is defined as ‘to transfer the usage of a non-consumable…

Q: Give two circumstances under which the fixed capitals of partners may change.

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: Discuss further on liabilities of partners and share your thoughts on the issues alone.

A: In case of partnership firm partners shall be liable for partnership liabilities.

Q: Which of the following is a transfer of a party's rights under a contract to someone else O Novation…

A: The rights and authority of a contract can be transferred from one party to another in contract law.…

Q: Give a detailed answer to the theoretical question Display graphically and explain the mechanism of…

A: Bills of exchange indicate a written agreement stating the obligation of one party to pay the due…

Q: Compare and contrast the two types of partnership.

A: Partnership is having a joint ownership over a business. There are broadly two types of…

Q: Provide explanations of aggregate and entity concepts for taxing partnerships and their partners.…

A: The aggregate and entity concepts are two different approaches to taxing partnerships and their…

Q: Explain IRR to Each Joint Venture Party?

A: The internal rate of return(IRR) is a mathematical tool used in financial projection to calculate…

Q: Differentiate between a private placement and apublic offering.

A: Private placement is sale of debt or securities between a company & selected number of…

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.