X Partnership is a General Professional Partnership. X was owned by Partner A and Partner B. In 2019, the partnership rendered services to client Y for 1,000,000. How much shall be paid by Y to X?
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X Partnership is a General Professional Partnership. X was owned by Partner A and Partner B. In 2019, the partnership rendered services to client Y for 1,000,000. How much shall be paid by Y to X?
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- T2 would like to purchase a partnership interest from T1. At the time of the purchase, T1's outside basis in the partnership interest is $20,000, which includes $3,000 of liabilities of the partnership allocable to T1. Determine T2's initial outside basis in the partnership interest if he acquires it from T1 for $27,500 in cash. Type your answer...Kimble, Sykes, and Gerard open an accounting practice on January 1, 2019, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their years of experience. To establish the business, Kimble, Sykes, and Gerard contribute cash and other properties valued at $328.000. $240.000, and $152.000, respectively. An articles of partnership agreement is drawn up stipulating the following: ⚫ Personal drawings are allowed annually up to an amount equal to 10 percent of the partner's beginning capital balance for the year. Profits and losses are allocated according to the following plan: 1. Each partner receives an annual salary allowance of $55 per billable hours worked. 2. Interest is credited to the partners' capital accounts at the rate of 12 percent of the beginning capital balance for the year. 3. Kimble and Sykes are eligible for an annual bonus of 10 percent of net income after subtracting the bonus, salary allowance, and interest.…A B and C are in partnership sharing profits and losses in the ratio of 3:2:1. On 1st Jan 2019, their capital balances are: A 30,000 B 20,000 C 10,000 The terms of partnership provides that All partners are eligible for interest on capital @6% All partners are liable to pay interest on drawings @ 4% All Partners are eligible for salary @ RO 200 per month The net profit for the year ended 31st Dec 2019 before making the above terms was 18,000. The drawings of the partners were: A 3,000 B 2,000 C 1,000 You are requested to prepare Profit and Loss Appropriations Account Capital accounts of three partners under fluctuating capital method
- Incredible and Joyful are partners who share profit on a 60:40 ratio. At the end of 2021, the partnership books showed a net income of P150,000. It was disclosed however that the following errors and omissions were noted (see image below). How much is the corrected net income in 2021?W owes Y, the managing partner of XYZ Partnership, P50,000 due on Oct. 1, 2021. W also owes XYZ partnership P100,000 due on Oct 31, 2021. If W pays the managing partner P50,000. How will the payment be applied? Explain.Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…
- Net income for AB partnership for 2021 was $125,000. A and B have agreed to distribute partnership net income according to the following plan as shown in the image. Additional Information for 2021 follows: A began the year with a capital balance of $75,000 B began the year with a capital balance of $100,000 On March 1, A invested an additional $25,000 into the partnership On October 1, B invested an additional $20,000 into the partnership Throughout 2021, each partner withdrew $200 per week in anticipation of partnership net income. The partners agreed that these withdrawals are not to be included in the computation of average capital balances for purposes of income distributions. A. Allocate the income to partners A and B B. Compute for the ending capital balances of the partners.Assuming the partnership earned P200,000 profit in 2020. Since they are both active in partnership's affair, each one will receive a 50,000 salaryallowance per year determine the new partners' capital after the distribution of profit and loss.Partners B1 and B2 share income in a 2:1 ratio, respectively. Each partner receives an annualsalary allowance of P72,000. If the salaries are recorded in the accounts of the partnership as anexpense rather than treated as an allocation of profit, the total amount allocated to each partner forsalaries and profit would be a. unchanged for both B1 and B2b. less for both B1 and B2c. more for B1 and less for B2d. more for B2 and less for B1d. more for B2 and less for B1
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