User Account

All Pages

What is the partnership profit or loss

Assignment Help Financial Accounting
Reference no: EM132904280

Problem 1: Jam, a partner in the JM partnership, is entitled to 40% of the profits and losses. During 2017, Jam contributed land with a fair value of P 60,000. Also during 2017, Jam had drawings of P 80,000. The balance of Jam's capital account was P 120,000 at the beginning of 2017 and P 150,000 at the end of the year. What is the partnership's profit (loss) for 2017?

a. (P 75,000)
b. (P 50,000)
c. P 150,000
d. P 125,000

Reference no: EM132904280

Questions Cloud

Identify and describe neighborhood boundaries : Describe the major characteristics which define the neighborhood, such as its historical significance, the socioeconomic mix of residents
Separating proteins-peptide drugs from fermentation broth : An experiment was designed to identify a better ultrafiltration membrane for separating proteins and peptide drugs from fermentation broth.
Explain concept of externality : Explain concept of externality. How new meat processing plant will affect the adjacent land(s) value, either positively or negatively.
Find bonus to credited to mayet in admitting sylvia is : What the bonus to be credited to Mayet in admitting Sylvia is? Capital balances in the LMM partnership are Lilian, Capital P 60,000; Mel, Capital P 50,000
What is the partnership profit or loss : What is the partnership's profit (loss) for 2017? Jam, a partner in the JM partnership, is entitled to 40% of the profits and losses.
Do think that compliance with sox would increase audit fees : Do think that compliance with SOX would increase audit fees for companies? In order to comply with SOX, a company must document its internal control procedures
How long will be before sales double for blossom sales co : If the company's management expects sales to grow 4.50 percent annually, how long will it be before sales double? Use financial calculator to solve problem.
Compute what will be the return on investment : If all goes according to plan, find what will be the return on your investment? You have $3,000 that you want to invest in your classmate's start-up.
How long will take to double money : You invest $230 in a mutual fund today that pays 6.50 percent interest annually. Find how long will it take to double your money?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd