a) Paul, Betty and Rose are in partnership sharing profits in the ratio of 5:3:2. Rose is

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a) Paul, Betty and Rose are in partnership sharing profits in the ratio of 5:3:2. Rose is guaranteed a minimum share of profits of $10,000.
Profits for the years ended 2016 & 2017 as follows:
31 Dec 2016 200,000
31 Dec 2017 42,000

Required:
1. Calculate the share of profits to each partner for 2016 and 2017.

2. Describe the tax treatment of a partnership.

Related Book For answer-question

Introduction To Financial Accounting

ISBN: 9781526803009

9th Edition

Authors: Anne Marie Ward, Andrew Thomas

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Posted Date: Jun 05, 2022 06:55 AM

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a) Paul, Betty and Rose are in partnership sharing profits in the ratio of 5:3:2. Rose is

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Introduction To Financial Accounting

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