Jun Jon and Company, general co-partnership has the following data of income and expenses for 2018: Gross income- P 2,400,000 Expenses- 1,000,000 Dividend received from a domestic corporation 90,000 Interest on bank deposit (net)- 10,000 Partners Jun share profits and losses in the ratio of 80% and 20%, respectively. The income tax payable by the partnership is a. P420,000 b. P450,000 c. P447, 000 d. P423,000
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Jun Jon and Company, general co-
2018:
Gross income- P 2,400,000
Expenses- 1,000,000
Dividend received from a domestic corporation 90,000
Interest on bank deposit (net)- 10,000
Partners Jun share
The income tax payable by the partnership is
a. P420,000
b. P450,000
c. P447, 000
d. P423,000
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- GWS and BCP organized the GB Partnership on January 1, 2018. The following entries were made in their capital accounts during 2018. Debit Credit GWS, Capital: January 1 April 1 October 1 P315,000 P105,000 175,000 Debit Credit ВСР, Саpital: January 1 March P413,000 1 September 1 November 1 52,500 105,000 94,500 Required: А. If the partnership profit for the year 2018 computed before salaries or interest is P217,000, determine its distribution between the partners under each of the following independent profit-sharing agreements: (1) Interest at 6% is allowed on average capital investments and the remainder of the profit is divided equally. (2) A salary of P126,000 is to be credited to BCP, 6% interest is allowed on each partner on his ending capital balance and the remainder of the profit in the ratio of 3:2. Salaries are allowed GWS and BCP in amounts of P119,000 and P133,000, respectively, and the remaining profit or resulting loss is divided in the ratio of average capital balance.…ASSUMING GOCE & OLIVEROS PARTNERSHIP are partners IN TRADE. the 2020 financial records. SERVICE REVENUE 4,490,000; COST OF SERVICE 1,610,000; OPEX 800,000 THE PROFIT AND LOSS IS DISTRIBUTED 55% GOCE AND 45% OLIVEROS. GOCE IS ALSO ENGAGED IN BUSINESS WITH THE FOLLOWING DATA FOR THE YEAR GROSS SALES 2,500,000; COST OF SALES 1,250,000 AND OPEX 550,000. HOW MUCH IS THE INCOME TAX PAYABLE OF GOCE & OLIVEROS PARTNERSHIP? DISTRIBUTABLE SHARE OF OLIVEROS? FINAL TAX OF GOCE? FINAL TAX OF OLIVEROS? Use Philippine tax lax6. The following balances have been taken from the balance sheet of a partnership firm as atDec. 31, 2020:Debit Balances:Cash Rs. 325,000, Accounts Receivable Rs. 300,000, Merchandise Inventory Rs. 575,000,Furniture Rs. 300,000Credit Balances:Allowance for bad debt Rs. 30,000, Allowance for depreciation-Furniture Rs. 120,000, AccountsPayable Rs. 50,000, X Capital Rs.500,000, Y Capital Rs. 600,000, Z Capital Rs. 200,000 The partners were sharing profit and loss in their capital ratio. On the mentioned date theydecided to liquidate the partnership firm and the following transactions were performed:a. Rs. 250,000 was collected as full and final settlement of accounts receivable.b. Merchandise inventory was sold for Rs. 500,000 cash.c. Furniture was sold for cash Rs. 145,000d. Accounts Payable was fully paid.e. Loss on liquidation was distributed among the partners.f. Final Settlement to the partners was made.Required:Record the above transactions in General Journal
- A and S are partners sharing profit and loss in the ratio of 3:1. Their Statement of Financial Position(Balance Sheet) stood as at 31.12.2020 as follows: A and S Partnership Statement of Financial Position(Balance Sheet) As at 31st December 2020 ASSETS Current Assets Kshs' Kshs' Cash and Cash Equivalent 26,000 Investments 24,000 Prepaid Insurance Debtors 26,000 Less Provision for Doubtful Debts 26,000 Inventories(stock) 40,000 Total Current Assets 116,000 Non Current Assets Machinery Less:Accumulated Depreciation 10,000 10,000 Buildings 60,000 Less:Accumulated Depreciation - 60,000 Furniture 30,000 Less:Accumulated Depreciation -…A, B and C are in partnership sharing profits and losses at the ratio of 5: 3:2. The balance sheet of the firm on 31.12.2021 was as follows: Liabilities Capital A/cs A B C Bank Loan Trade payables Balance Sheet Assets Sundry Fixed Assets Inventories 50,000 40,000 Trade receivables 30,000 Joint Life Policy 40,000 Bank 30,000 1,90,000 80,000 50,000 30,000 20,000 10,000 1,90,000 On 1.1.2022, A wants to retire, B and C agreed to continue at 2:1. Joint Life Policy was taken on 1.1.2016 for 1,00,000 and its surrender value as on 31.12.2021 was 25,000. For the purpose of A's retirement goodwill was raised for ₹1,00,000. Sundry Fixed Assets was revalued for 1,10,000. But B and C did not prefer to show such increase in assets in the Balance Sheet. Also they agreed to bring necessary cash to discharge 50% of the A's claim, to make the bank balance 25,000 and to make their capital proportionate. Prepare necessary journal entries.The information below relates to “NOT partnership business” for the year ended 31st December, 2019Nyamekye Oliver TwistGH¢’000 GH¢’000 GH¢’000Capital Introduced 20,000 30,000 40,000Drawings 10,000 15,000 20,000i. Nyamekye is entitled to a salaries amounted to GH¢ 9,350,000 per annum, sharing Profit or loss on the basis of capital contributed.ii. Net profit for the period ended 31st December, 2019 was GH¢ 38,500,000. Interest on drawings and Capital are 5% and 10% per annum respectively. All expenses and incomes accrue evenly.iii. Oliver advanced a loan amounted to GH¢ 300,000,000 to “NOT Partnership Business” on 1stSeptember, 2019 but charged an interest of 12.5% per annum on the loan.iv. Twist Retired on 31st December, 2019 but granted his net worth in the partnership business as a loan to the business charging Interest of 9% per annum on the loan.Required a. Prepare Profit or Loss Appropriation for the year ended 31/12/2019. b. Partners’ Capital Account for the year ended 31/12/2019…
- 9. A partnership showed the following account balances: sales, P70,000; cost of sales,P40,000; operating expenses. P10,000; partners’ salaries, P13,000; interest paid tobanks, P2,000; interest allowances on average capital balances, P2,500 and partners’drawings, P8,000. How much is the partnership profit?The Taurin Partnership (a calendar-year-end entity) has the following assets as of December 31 of the current year: Tax Basis FMV Cash $ 47,400 $ 47,400 Accounts receivable 15,800 31,600 Inventory 84,000 124,200 Totals $ 147,200 $ 203,200 On December 31, Taurin distributes $15,800 of cash, $10,533 (FMV) of accounts receivable, and $41,400 (FMV) of inventory to Emma (a one-third partner) in termination of her partnership interest. Emma's basis in her partnership interest immediately prior to the distribution is $41,767. Required: c1. If Emma's basis before the distribution was $57,517 rather than $41,767, what is Emma's recognized gain or loss? c2. What is her basis in the distributed assets ?On June 30, 2021, the A, B and C partnership had the following fiscal year- end balance sheet (in Philippine peso): Cash 4,000 Accounts payable 7,000 Accounts receivable 6,000 Loan from B 5,000 Merchandise inventory 14,000 A, Capital (20%) 14,000 12,000 B, Capital (30% ) 6,000 C, Capital (50%) Plant assets - net 10,000 Loan to A 6,000 42,000 Total 42,000 The percentages shown are the residual profit and loss sharing ratios. The partners terminated the partnership on July I, 2021 and began the liquidation process. During July, the following events occurred: Receivables of P3,000 were collected The inventory was sold for P4,000 All available cash was distributed on July 31, except for P2,000 that was set aside for contingent expenses Questions: The book value of the partnership equity (i.e., total equity of the partners) on June 30, 2021 is?
- For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?On June 30, 2021, the A, B and C partnership had the following fiscal year- end balance sheet (in Philippine peso): Cash 4,000 Accounts payable 7,000 Accounts receivable 6,000 Loan from B 5,000 Merchandise inventory 14,000 A, Capital (20%) 14,000 Plant assets - net 12,000 B, Capital (30%) 10,000 6,000 C, Capital (50$) Loan to A 6,000 Total 42,000 42,000 The percentages shown are the residual profit and loss sharing ratios. The partners terminated the partnership on July I, 2021, and began the liquidation process,.. During July, the following events occurred: Receivables of P3,000 were collected The inventory was sold for P4,000 All available cash was distributed on July 31, except for P2,000 that was set aside for contingent expenses Questions: How much cash would B receive from the cash that is available for distribution on July 31?Part A Ebanks, Brown, and Thomas are partners. They carry on a business jointly as EBT surveyors and share profits and losses in the ratio of 25:45: 30. The trading account profit as at 31 December 2021 was $6,500,000 after charging a nominal tax of $750,000. Notes: 1. The partners receive interest on their capital accounts at 9.5 % on the balance of their partner capital at the end of the budget year. The interest on the capital account was not included in the income statement. 2. Include in the income statement is $80,000 salary per month for each partner. 3. The partnership paid motor vehicle expenses for vehicles owned by the partners as follows: - Ebanks -$ 50,000 - Brown - $80,000 - Thomas - $130,000 The partners did not use the vehicles for the partnership business. 4. Profit on disposal was $180,000. 5. Depreciation on plant and machinery for the year was $900,000. 6. In recognition of the new IFRS 9 standard, a provision for bad debt of $75,000 was…
