All of the following forms part of the Appropriation Account EXCEPT: A. partners salary B. partners bonus C. drawings D. interest on drawings
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All of the following forms part of the Appropriation Account EXCEPT:
A. partners salary
B. partners bonus
C. drawings
D. interest on drawings
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- Which one of the following item will be debited in profit and loss appropriation account? a. Interest on loan b. Interest on drawings c. Interest on deposits d. Bonus to partners9- Which one of the following item will be debited in profit and loss appropriation account? a. Interest on drawings b. Interest on loan c. Interest on deposits d. Bonus to partnersGuaranteed payments made to a partner are reported on: Box 4 of Schedule K-1, Form 1065. Box 1 of Schedule K-1, Form 1065. Box 2 of Schedule K-1, Form 1065. Box 8 of Schedule K-1, Form 1065.
- Partners' share of net income is recognized in the accounts through Accrual entries a. O b. Adjusting entries O c. Closing entries O d. Correcting entriesunder the bonus method, the asset contribution of the partner receivinga bonus is debited atDetermine the total payment to partners on the initial installment
- Identify which one of the following accounting entry for transfer of net profit at the end of the year: Oa. Dr: Profit and Loss account RO 35660 Cr: Partners' Capital Account RO 35660 O b. Dr: Profit and Loss Appropriation account RO 35660 Cr: Profit and Loss account Ro 35660 Oc. Dr: Profit and Loss account RO 35660 Cr: Profit and Loss Appropriation account RO 35660 d. Dr: Partner's Capital Account RO 35660 Cr: Profit and Loss account RO 35660 The balance of capital for partner Mansoor at the end of the year will be: O a. RO 42270 O b. RO 42720 Ос RO 47220 O d. RO 40720 Identify which one of the following accounting entry for payment of salary to partner Mazin at the end of the year: Oa. Dr: Mazin's salary account RO 1000 Cr: Mazin's capital account RO 1000 O b. Dr. Mazin's Salary account RO 12000 Cr: Mazin's capital account RO 12000Identify which one of the following accounting entry for transfer of net profit at the end of the year: a. Dr: Profit and Loss account RO 35660 Cr: Profit and Loss Appropriation account RO 35660 b. Dr: Profit and Loss Appropriation account RO 35660 Cr: Profit and Loss account Ro 35660 c. Dr: Profit and Loss account RO 35660 Cr: Partners' Capital Account RO 35660 d. Dr: Partner's Capital Account RO 35660 Cr: Profit and Loss account RO 35660a) How is a sec 707(a) payment to a partners for service treated by the partners and the partnership? when will it be recongnise by a cash basis partner? when will it be deducted by a partnership? b) How is a guaranteed payment for services treated by the partner and the partnership? What is it recongnized or deducted?
- Which of the following creates a taxable temporary- difference? I. Prepaid expenseII. Estimated liabilities Ill. Unearned incomeIV. Installment receivable Choices: I, II, and IV II and IV I, II and III I and IVA well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax rate16-The purpose of preparation of partners' capital account is: a. To know the balance of goodwill of each partner b. To know the interest on loan of each partner c. To know the balance of capital of each partner d. To know the balance of drawings of each partner Clear my choice