You are a graduating student in accounts program. As part of the aurriculum, you underwent an...

  

  

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You are a graduating student in accounts program. As part of the aurriculum, you underwent an on- the-job training in one accounting office here in Bahrain. You were given different tasks to be performed. Question 1 (This question provides evidence for CILO1) (25 points) Ahmed Hasan wants to opena garage business. He will start the business by providing quick repair and maintenance services. He is planning to open a limited company so that he can attract more investors. Ahmed wants you to do the following: 1.1 Assess the financial recording and reporting requirements of a limited company especially in terms of: legislation, taxation, and drawings. (9 points) 1.2 Ahmed was encouraged by his brother to put up a partnership instead of a limited company. Explain the possible reasons why it is difficult to put up a partnership in terms of taxation, possibility of disagreements and in sharing the profits. (9 marks) Taxation Possibility of disagreements Sharing profits You are a graduating student in accounts program. As part of the aurriculum, you underwent an on- the-job training in one accounting office here in Bahrain. You were given different tasks to be performed. Question 1 (This question provides evidence for CILO1) (25 points) Ahmed Hasan wants to opena garage business. He will start the business by providing quick repair and maintenance services. He is planning to open a limited company so that he can attract more investors. Ahmed wants you to do the following: 1.1 Assess the financial recording and reporting requirements of a limited company especially in terms of: legislation, taxation, and drawings. (9 points) 1.2 Ahmed was encouraged by his brother to put up a partnership instead of a limited company. Explain the possible reasons why it is difficult to put up a partnership in terms of taxation, possibility of disagreements and in sharing the profits. (9 marks) Taxation Possibility of disagreements Sharing profits

Answer rating: 100% (QA)

11 LEGISLATIVE requirements Company law suggests various legal requirements to be complied by the ... View the full answer