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Sania, Rania & Tania are partners in the garments business. They contributed Rs. 40,000/-, Rs. 40,000/- & Rs.80,000/- respectively. The profit sharing ratio among them is 2:2:4 respectively It was agreed that it will be allowed interest on capital and drawings @5% The drawings of Sania are Rs. 8,000/-, Rania Rs. 8,000/- and Tania R 6 000/-. Rania will also take annual Salary Rs 12.060/- The profit of the firm is R50, gobuy
Problem 1: Prepare profit & loss account for the year 2010 and partner's capital accounts
TEC Partners was formed during the current tax year. It incurred $10,000 of organizational expenses, $80,000 of startup expenses, and $5,000 of transfer taxes to retitle property contributed by a partner. The property had been held as MACRS property ..
orange inc. sells a learnit-plus software package that consists of their normal learnit math tutorial program along
What are the two types of losses that can become evident in accounting for long-term contracts? What is the nature of each type of loss?
Currency located at the company $675 Supplies 1,700 Short-term investments that mature within three months 1,575. Calculate the amount of cash to report
GerrinAL sells five machines to VernAL for $500,000 per machine, What is the approximate contract consideration allocated to the discount
Prepare a flexible budget for the first quarter of the fiscal year and compute flexible budget variances
a friend of yours says its easy to look at the statement of cash flows and see that a company has been profitable
(a) What stakeholder interests are in conflict?(b) What ethical issues does Carter face?(c) How should these costs be allocated?
How does the tax benefit rule apply in the following cases - Orange's owner was in the 35% marginal tax bracket in 2017
Prepare a production report for the Mixing Department for November
Gordon Chemicals Company acquires a delivery truck at a cost of $31,000 on January 1, 2017. Compute annual depreciation for the first and second years
You wish to retire a $10,000,000 bond that can be called in 5 years for 110 percent of par value, or $11,000,000. You also need to make year-end interest.
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