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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- a) how much should be the cash investment of PA RIN upon formation of the partnership? b) how much is the total assets of the partnership on Feb. 15, 2021?Background: Josche Partnership is a partnership initially formed by Jorissa, Christlyn and Shantalle in 2019 and lasts until 2021 due to financial difficulty and other personal reasons by the partners. Its primary nature is to resell general goods from Universal Robina Corporation, its major supplier. The following are the transactions occurred for the partnership's life: In 2020: · On July 1, 2020, the partnership agreed to admit Elaina as their partner, investing cash that will give her 20% interest in the partnership. Before admitting Elaina, the partnership suffered net loss amounting to P200,000, and write-off uncollectible accounts receivable by P50,000. After admitting Elaina, the revised P/L ratio between Jorissa, Christlyn, Shantalle and Elaina is 3:3:2:2, respectively. · At the second half of 2020, the partnership earned and incurred the following: Sales, P600,000, Cost of sales, P300,000, Operating expenses, P100,000. At 2020 year-end, Shantalle decided to…What amount must be invested by GREEN?
- Assume that partners A and B share all profits and losses in the ratio of 3:2. Partner B has $100,000 credited to her Partnership Capital account when net income is allocated at year‐end. The amount of partnership net income for the year is ??? Why is the answer = $250,000?answer letter a, b, and c. please include a solution/explanation. thank you!H has beginning basis in his partnership interest of $500. During the year H is allocated $100 of partnership income, $500 of partnership losses, and receives a cash distribution of $400. What amount of distribution in excess of basis will H recognize, if any? Please explain how you get the answer A) $300 b) $0 C) $400 D) $600
- X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: i. Capital balance of partners X, Y, Z as on 1st January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. ii. Current account balance of partners as on 1st January, 2019: X: RO 45500 (Cr), Y: RO 32600 (Dr) Z: RO 22100 (Cr) iii. Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 iv. Interest…X, Y and Z were the partners in a partnership firm. The following information were relating to the business at the end of the year 2019: i. Capital balance of partners X, Y, Z as on 1st January, 2019 was RO 120000, RO 80000 and RO 60000 respectively. ii. Current account balance of partners as on 1st January, 2019: X: RO 45500 (Cr), Y: RO 32600 (Dr) Z: RO 22100 (Cr) iii. Drawings taken by the partners during the year was: X: RO 8800 Y: RO 7500 Z: RO 5400 iv. Interest on drawings…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 $27,500 in cash. Type your answer...
- Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021.In 2022, the partnership income statement for Shine & Rain was as follows:Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent 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 2,625,000Notes 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 $450,000.4.The…A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2018: According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses while Porthos receives 30 percent and Aramis, 20 percent. The book value of each asset and liability should be considered an accurate representation of fair value. For each of the following independent situations, prepare the journal entry or entries to be recorded by the partnership. (Round to nearest dollar.) Porthos, with permission of the other partners, decides to sell half of his partnership interest to D’Artagnan for $50,000 in cash. No asset revaluation or goodwill is to be recorded by the partnership. All three of the present partners agree to sell 10 percent of each partnership interest to D’Artagnan for a total cash payment of $25,000. Each partner receives a negotiated portion of this amount. Goodwill is recorded as a result…On December 31, 2014, LBM Partnership’s accounts show the following. Answer the following questions under the different scenarios. Partner Drawings Capital Lisa $23,000 $48,000 Bart 14,000 30,000 Maggie 10,000 25,000 Scenario1: Net income for the year is $30,000. Income is shared 60% to Lisa, 30% to Bart, and 10% to Maggie. How much is each partner’s share of the income? Lisa Bart Maggie Scenario 2: Net income was $60,000 for the year. Lisa and Bart are each given a $15,000 salary allowance. The remainder is shared equally. Prepare a schedule showing the division of net income. Lisa Bart Maggie Total Salary allowance Remaining income Total division of net income Scenario 3: Net income was $24,000 for the year. Each partner is given a 10% interest on beginning capital balances. Lisa is given a $10,000 salary allowance and $5,000 is…