A, B C takes a joint life policy, after 5 years B retire from the firm Old profit sharing ratio is 2 2 1 After retirement A and C decided to share profits equally They had taken a joint life policy of 2,50,000 with the surrender value 50,000 What will be the treatment in the partner's capital acco...

The treatment in the partners capital account on receivi ...

A, B & C takes a joint life policy, after 5 years B retire from the...

Fantastic news! We've Found the answer you've been seeking!

Question:

Related Book For answer-question

Fundamentals of Taxation 2015

ISBN: 9781259293092

8th edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

See More Books

Posted Date: Jan 04, 2021 10:08 PM

See More Questions

Alice owns undeveloped land with an adjusted basis of $140,000. She sells the property to George for $185,000. a. What is Alices realized and recognized gain? b. What IRC section does the gain on the...
Alice owns undeveloped land with an adjusted basis of $160,000. She sells the property to George for $205,000. a. What is Alice's realized and recognized gain? b. To what IRC section does the gain on...
An office building with an adjusted basis of $320,000 was destroyed by fire on December 30, 2015. On January 11, 2016, the insurance company paid the owner $450,000. The fair market value of the...
The simple truss shown has the following dimensions: H1 = 1.90 in; H2 = 1.60 in; L0=31 in; L2 = 14 in; D1 = 0.76 in; D2 = 0.86 in. Both supporting bars have a depth of 0.5 in. If the maximum...
Microbiologists debate the use of biochemical similarities and cell features as a way of determining the taxonomic relationships among prokaryotes. Explain why some microbiologists believe these...
Figure Q4.29 shows block A sitting on top of block B. A constant force $\vec{F}$ is exerted on block B, causing block B to accelerate to the right. Block A rides on block B without slipping. Which...
Almetals, Inc., a Michigan company, entered into a contract with the German firm Wickeder Westfalenstahl regarding the purchase of clad metal, a specialty metal used in a variety of industries but...
On September 1, Roshek Office Supply had an inventory of 30 calculators at a cost of $22 each. The company uses a perpetual inventory system. During September, the following transactions occurred....
By making use of the identities z = eLn(z) and Ln(z) = a Ln(z), simplify and evaluate the following expressions: (a) i2 and (b) i". Show all details of work.
Chaplin Arts, Inc.s comparative balance sheets for December 31, 2014 and 2013 follow. The following additional information about Chaplin Artss operations during 2013 is available: (a) Net income,...
Fish and other organisms that live in the Arctic express an antifreeze protein that prevents subzero temperatures from damaging their cells. Scientists have generated transgenic strawberries and...
The Corner Bakery has a debt-equity ratio of .53. The required return on assets is 13.5 percent and its cost of equity is 15.8 percent. What is the pretax cost of debt based on M&M Proposition II...
If total liabilities decreased by $40,000 and owner's equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period?
Information for a company is provided in the table below. Net Income Beginning Total Assets $49,000 $405,300 Beginning Stockholders' Equity $250,300 0% Payout Ratio Calculate the following for the...
Closing Entries The adjusted trial balance of the Petal Corporation, prepared as of December 31, contains the following accounts: Service fees earned Interest income Debit Credit $87,500 2,600...
In Management, the focus is on the study of the five organizational behaviour models, elaborate on 3 selective models of your choice. 1. Custodial model 2. Autocratic model 3. Collegial model 4....
Implement the following expression in assembly language: for (i = 6; i > 0; i--) { for(j = 3; j> 0; j--) { y=i+j; } } Assume i, j and y are 32-bit registers.
Show that every group G with identity e and such that x * x = e for all x G is abelian.
Julia acquired passive Activity a in January 2010 and passive Activity B in July 2012. Until 2013, Activity A was profitable. Activity A produced a loss of $150,000 in 2013 and a loss of $150,000 in...
Discuss the rules concerning the $25,000 loss offset for rental activities. Why are losses of $25,000 allowed for some taxpayers?
Jessicas office building is destroyed by fire on November 15, 2014. The adjusted basis of the building is $410,000. She receives insurance proceeds of $550,000 on December 12, 2014. a. Calculate her...
State whether you think a business would recognise the following as an expense. When would it be recognised? a Depreciation $350 b Wages to be paid in the next month $1200 c Electricity bill due to...
What is the difference between operating expenses and non-operating expenses. Give examples of each.
What is the link between the income statement and the statement of owners equity?

A, B & C takes a joint life policy, after 5 years B retire from the...

Question:

Expert Answer:

The treatment in the partners capital account on receivi... View the full answer

Fundamentals of Taxation 2015

Students also viewed these accounting questions