Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Layla (60% P/L ratio) ML Martis (40% P/L Description partnership ratio) 300,000 270,000 Compensation income 800,000 450,000 Business income Allowable deductions 200,000 100,000 Interest income from deposit in a bank 100,000 10,000 (Philippines) Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by the partnership.

Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (Resident citizens) are as follows: Layla (60% P/L ratio) ML Martis (40% P/L Description partnership ratio) 300,000 270,000 Compensation income 800,000 450,000 Business income Allowable deductions 200,000 100,000 Interest income from deposit in a bank 100,000 10,000 (Philippines) Assume the partnership is a General professional partnership, compute for the total tax due (basic tax and final tax) by the partnership.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter28: Income Taxation Of Trusts And Estates

Section: Chapter Questions

Problem 14CE

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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…
Subject : income tax X Partnership, a general professional partnership had the following data in 2019:Gross Income P1,000,000Deductions 300,000Partners A and B agreed to divide the profits and losses 60% and 40% respectively.8. How much is the income tax due to X Partnership?a. P0b. P150,000c. P210,000d. P220,000
According to Profil and Loss Account, the net profit for the year is OMR250,000. The total interest on partner's capital is OMR BOLO00 and interest on partner's drawings is OMR 30.000 The net profit as per Profit and Loss Appropriation Account will be OMR 110.000 (Prolit) OMR 200,000(Loss) OMR 200,000(Protit) OMR 200000 (Profit)
The assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31, 2019 are as follows: Assets: Liabilities and capital Liabilities – creditors P50,000 Loan from C Cash P15,000 Receivable – net 20,000 10,000 Inventory Plant assets – net 40,000 70,000 5,000 A, Capital B, Capital C, Capital 45,000 30,000 15,000 Loan to B The partners decide to liquidate the partnership. They estimate that the noncash assets, other than the loan to B, can be converted into P100,000 cash over the two months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Assuming P65,000 is available for first distribution, it should be paid to (and how much)
FACTS / DATA / GIVEN: . Тахрауer: Receipts/Earnings/balances during the taxable period: Resident citizen Description Winnings from gambling Interest on bank deposits Increase in fair value of lands held for Amount P900,000 20,000 500,000 investment Share in partnership income credited to capital account in the partnership Gross income from profession 150,000 200,000 COMPUTE: Taxable Income O A. 350,000 О в. 870,000 ОС. 1,270,000 O D. 1,770,000
The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott, Capital January 1 Balance P210,000 Мay 1 Investment 90,000 October 1 Withdrawal Р60,000 Tucker, Capital January 1 Balance P150,000 April 1 Withdrawal P30,000 The partnership profit for the year ended December 31, 2019 was P300,000. Instruction: Prepare schedule of profit allocation and journal entries to record transfer to profit to the capital accounts under each of the following independent assumptions: 1. Profit is divided 60% to Scott and 40% to Tucker. 2. Profit is divided into ratio of capital balances at the beginning of the period. 3. Profit is divided in the ratio of average capital balance. Interest of 8% is allowed on the average capital and the balance of profit is divided equally. 4. Salaries of P60,000 and P48,000 are allowed to Scott and Tucker, respectively, and the balance of the profit is divided in the ratio of capital balances at the end of the period. 5. 6. Scott is…
The assets and capital of QRS Partnership at the end of its fiscal year on October 31, 2021 are as follçavs: ASSETS LIABILITIES AND CAPITAL 30,000 Liabilities 40,000 Loan from S 80,000 Q, Capital (30%) 140,000 R, Capital (50%) 10,000 S, Capital (20%) 100,000 20,000 90,000 60,000 Cash Receivable, net Merchandise Inventory Non-current Asset Loan to R 30,000 The partners decide to liquidated the partnership. They estimate that the noncash assets, other than the loan to R, can be converted into P200,000 cash over the two-months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Compute the amount to be received by Q if P150,000 is available for first distribution?
Calculate partnerships income: Prepare a 2020 Form 1065 page 1 using the following information: Sales revenue $2,750,000 Cost of sales 1,300,000 W-2 wages paid to employees 400,000 Cost recovery deductions 87,365 Utilities, supplies, and other ordinary business expenses Payroll taxes 201,016 70,000 Guaranteed payments to LLC members 40,000 Charitable contributions 10,000 |long-term capital gain Net income from rental real estate (net of all expenses, including $36,153 depreciation on rental property) 50,000 500,000 Qualified dividends received Exempt income (bond interest) 4,000 2,100 Distribution of cash to partner 1 30,000 Distribution of cash to partner 2 60.000
Maria Partnership had the following information for the year ending December 31, 2022: Gross Receipts (Sales)- $600,000; Cost Of Goods Sold- $320,000; Operating Expenses- $88,000; Charitable Contributions-$2,000; Section 1231 Gain-$1,600; Section 1245 Gain $900; Dividends - $800. Maria Partnership's Ordinary Income (ie. Nonseparately Stated Income) for the year of 2022 is: O $192,900. O $195,300. O $192,000. O $193,700.
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 lax
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.…
Additional information1. The net profit according to the Profit and Loss account amounted to R500 000 on 28February 2021.2. The partnership agreement made provision for the following:1. Interest on capital must be provided at 15% per annum on the balances in the capitalAccounts from 1 March 2020 to 31 August 2020. With effect from 1 September 2019 the interest rate on capital increases to 18% per annum.2. The partners are entitled to the following monthly salaries: Bobby R11 000Vincent R10 0003. Bobby is entitled to a bonus of 15% of the net profit before any appropriations are made.4. Bobby and Vincent share the remaining profits or losses in the ratio 3:2 respectively.