Calculate the loss from selling the assets.

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Answer 1

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 10E

a.

To determine

Calculate the loss from selling the assets.

b.

To determine

Allocate the loss from the sale of assets to each partner.

c.

To determine

Determine the amount that each partner should contribute to the partnership to cover the remaining capital deficiency.

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Use the information provided to answer following questions Larry Ltd. is a registered VAT taxpayer. His business transactions for the months of January to March are included below. The VAT rate is 12.5%. All the amounts given are VAT inclusive. Months Sales Purchases Imports January $50,625 $30,375 $17,662.50 February $63,337.50 $38,475 $25,087.50 March $67,500 $52,312.50 $22,612.50 1. What is the Larry Ltd. VAT input tax for the 3 months period? A.$7,262.50 B.$13,462.50 C.$20,725 D.$20,162.50 2. What is the Larry Ltd. VAT output tax for the 3 months period? A.$20,152.50 B.$7,037.50 C.$5,812.50 D.$20,162.50 3. What is the Larry Ltd. VAT payable/refund for the 3 months period? A.$13,125 payable B.$1,562.50 refund C.$562.50 refund D.$20,143.50 payable

Please explain the solution to this general accounting problem with accurate principles.

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Answer 2

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 10E

a.

To determine

Calculate the loss from selling the assets.

b.

To determine

Allocate the loss from the sale of assets to each partner.

c.

To determine

Determine the amount that each partner should contribute to the partnership to cover the remaining capital deficiency.

Expert Solution & Answer

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Answer 3

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 10E

a.

To determine

Calculate the loss from selling the assets.

b.

To determine

Allocate the loss from the sale of assets to each partner.

c.

To determine

Determine the amount that each partner should contribute to the partnership to cover the remaining capital deficiency.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 10E

a.

To determine