Q: Mary and Seamus are in partnership sharing profits and losses equally.
Mary and Seamus are in partnership sharing profits and losses equally. The partnership agreement provides for annual salaries of £34,000 for Mary and £22,000 for Seamus. It a...
See AnswerQ: Anna and Thomas are in partnership sharing profits and losses equally.
Anna and Thomas are in partnership sharing profits and losses equally. The partnership agreement provides for an annual salary to Anna of £57,000. It also provides for interest on capital...
See AnswerQ: Street, Rhode and Close carried on business in partnership sharing profits
Street, Rhode and Close carried on business in partnership sharing profits and losses, in the ratio 5: 4: 3. Their draft statement of financial position as on 31 March 20X9 was as follows: Street re...
See AnswerQ: Matthew, Mark and Luke were in partnership sharing profits and losses
Matthew, Mark and Luke were in partnership sharing profits and losses in the ratio 5 : 3 : 2, financial statements being made up annually to 30 June. Fixed capital accounts were to bear inte...
See AnswerQ: Hawthorn and Privet have carried on business in partnership for a number
Hawthorn and Privet have carried on business in partnership for a number of years, sharing profits in the ratio of 4 : 3 after charging interest on capital at 4 per cent per annum. Holly was admitted...
See AnswerQ: A, B and C are in partnership sharing profits and losses
A, B and C are in partnership sharing profits and losses in the ratio of 50 : 25 : 25 per cent. Each partner receives a salary of £40,000 and interest on opening capital balance of 15 per...
See AnswerQ: X, Y and Z are in partnership sharing profits and losses
X, Y and Z are in partnership sharing profits and losses in the ratio 4 : 2 : 2. Z died on 30 June 20X9. The partnership statement of financial position as at that date was: Additional information I...
See AnswerQ: Al and Bert are in partnership sharing profits equally. At 30
Al and Bert are in partnership sharing profits equally. At 30 June they have balances on their capital accounts of £12,000 (Al) and £15,000 (Bert). On that day they agree to bring in their friend Hall...
See AnswerQ: On 20 December 20X0 your client paid £10,000 for
On 20 December 20X0 your client paid £10,000 for an advertising campaign. The advertisements will be heard on local radio stations between 1 January and 31 January 20X1. Your client believes that as a...
See AnswerQ: Gupta, Richards and Jones are in partnership sharing profits and losses
Gupta, Richards and Jones are in partnership sharing profits and losses in the ratio 5 : 4 : 3. On 1 January 20X9 Richards retired from the partnership and it was agreed that Singh should join the par...
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