Sam a partner in ST Partnership, is entitled to 40% of the profits and losses. During 2011, Sam contributed land with a fair value of P60,000. Also during 2011, Sam had drawings of P80,000. The balance of Sam’s capital account was P120,000 at the beginning of 2011 and P150,000 at the end of the year. What amount should Tim's capital account change if has drawings of 95 000 and no investment for the year?
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- Sam a partner in ST Partnership, is entitled to 40% of the profits and losses. During 2011, Sam contributed land with a fair value of P60,000. Also during 2011, Sam had drawings of P80,000. The balance of Sam’s capital account was P120,000 at the beginning of 2011 and P150,000 at the end of the year. What is the partnership’s profit (loss) for 2011?Sipho is a partner in a partnership. During the 2019 year of assessment, he received a salary of R860 000 from the partnership. His share of the partnership profit for the year was R500 000. During the year he sold an investment property and realised a taxable capital gain of R300 000. Sipho contributed 12% of his salary from the partnership to a pension fund. Calculate the amount of Sipho’s contribution to the pension fund that he may claim as a deduction.On December 31, 2018, Amy and Kaye have capital balances of P400,000 and P320,000, respectively. On April 1, 2019, Amy invested an additional P400,000 while she withdrew P100,000 at the beginning of the 4th quarter. Kaye also made an additional investment of P300,000 and withdrew P20,000 on May 1. Amy is the managing partner and will receive a bonus equal to 10% of reported net income. Both partners shall receive 10% interest on their beginning capital, after which, any remainder shall be divided in the ratio of capital at the end of the period. The net income of the partnership for 2019 after tax is P600,000. How much is the share of Amy in the 2019 net income of the partnership? _____________________
- A and B are partners with the following contributions: Partner A, P300,000 and Partner B, P200,000. They share in the profit and loss of 40% and 60% respectively. Partner B's capital account had a net decrease of P120,000 during the year 2021. During 2021, B withdrew P350,000 (charged against his capital account) and with additional investment in the form of equipment with a book value of P 90,000 and a fair value of P80,000. Determine the profit/loss of the AB Partnership for the year 2021.On December 31, 2018, Amy and Kaye have capital balances of P400,000 and P320,000, respectively. On April 1, 2019, Amy invested an additional P400,000 while she withdrew P100,000 at the beginning of the 4th quarter. Kaye also made an additional investment of P300,000 and withdrew P20,000 on May 1. Amy is the managing partner and will receive a bonus equal to 10% of reported net income. Both partners shall receive 10% interest on their beginning capital, after which, any remainder shall be divided in the ratio of capital at the end of the period. The net income of the partnership for 2019 after tax is P600,000.In October 2018, Ben and Jerry exchange investment realty in a § 1031 like-kind exchange. Ben bought his real estate in 2007 while Jerry purchased his in 2010. In addition to the realty, Ben receives Pearl, Inc. stock worth $10,000 from Jerry. Ben’s realized gain is $30,000. On what date does the holding period for Ben’s realty received from Jerry begin? When does the holding period for the stock he receives begin? 2007, 2018. 2007, 2007. 2010, 2010. 2010, 2018. None of the above.
- In 2018, Kirk invested $50,000 in a general partnership in which he materially participates (passive activity loss limits do not apply). The business incurs a first-year loss in 2018, and Kirk’s share of the business’ deductible loss was $27,000. What amount of the $27,000 loss is allowed under the at-risk rules in 2018? Enter the allowed loss amount as a positive number.On January 1, 2018, Cee and Dee have capital balances of P20,000 and P16,000 respectively. On July 1, 2018 Cee invests an additional P4,000 and Dee withdraws P1,600. Profits and losses are divided as follows: Dee is the managing partner and as such shall receive P16,000 salary and Cee shall receive P7,200; both partners shall receive interest of 10% on their beginning capital balances to offset whatever difference in capital investments they have and any remainder shall be divided equally. Income of the Cee-Dee partnership for the year 2018 is P9,600. Cee’s share in the net income is: a.P880 b.P9,200 c.P4,800 d. P600Nathan owns the Kavanah Bakeshop. On January 2, 2022, Nathan invited his friend Dwayne to be his business partner, who mvested P250,000 for a 50% equity in the partnership. The two agreed to share profit or losses as follows 1. 12% interest on average capital, 2. Monthly salary of P12,000 and P10,000 to Nathan and Dwayne, respectively 3 Bonus to Nathan of 10% after bonus and salary, and 4 Remaining profit or loss to be divided equally. The partners agreed further to double their investments before the end of the year Dwaynemade an sooitionel investment on.uty 1 to double his capital while Nathan gave his counterpart in two equel installments.on March 1 and July 31. During 2022 Nathan and Dwayne withdrew 80% of their salary allowances At the end of 2022 the income Summary acount showed a credit balance of P924,000. In the Statement of Financial Position as of December 31, 2022 the Partners Equityiwound show
- The following information was obtained from the records of MT Suppliers, a partnership business with Mary and Tanya as partners, on 28 February 2023 (the end of the financial year): Mary's capital balance was R600 000 on 28 February 2023. She increased her capital contribution by R200 000 on 01 December 2022 (and this was recorded). She earns interest at a rate of 15% per annum. Which one of the following reflects Mary's interest on capital for the year ended 28 February 2023? O A. R60 000 B. R82 500 O C. R90 000 OD. R67 500The following information was obtained from the records of MT Suppliers, a partnership business with Mary and Tanya as partners, on 28 February 2023 (the end of the financial year): Mary's capital balance was R600 000 on 28 February 2023. She increased her capital contribution by R200 000 on 01 December 2022 (and this was recorded). She earns interest at a rate of 15% per annum. Which one of the following reflects Mary's interest on capital for the year ended 28 February 2023? O A. R60 000 OB. R82 500 O C. R67 500 OD. R90 000 Previous pageSarah has investments in four passive activity partnerships purchased several years ago. Last year the income and losses were as follows: Activity Income (Loss) A $ 30,000 B (30,000) C (15,000) D (5,000) In the current year, she sold her interest in Activity D for a $10,000 gain. Activity D, which had been profitable until last year, had a current loss of $1,500. How will the sale of Activity D affect Sarah's taxable income in the current year?