Question: Do question required 5. Using the Fixed Ratio calculate by; Assume that Mr. Hotone and Ms. Yume are partners in the H Y Partnership. Each

Do question required

5. Using the Fixed Ratio calculate by; Assume that Mr. Hotone and Ms. Yume are partners in the H Y Partnership. Each contributes K50, 000 in capital. Partner Hotone expects to work full- time in the partnership and partner Yume expects to work only half-time. The partners agree to a fixed ratio of 2/3 to Hotone and 1/3 to Yume. On December 31, 20xA, the partnership recorded K24, 000 as net income. (25 marks) Required: Distribute the net income of H Y Partnership among the partners. Page 4 of 6

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

business law For the year ended 30 June 2012, the audit team included a manager, two supervisors, two qualified seniors and three trainees. This audit, which lasted approximately five weeks, was very...

QUESTION ONE 1. Which of the following statement is incorrect? Assets(K) Liabilities(K) Capital(K) a) 7,850 1,250 6,600 b) 8,200 2,800 5,400 c) 9,550 1,150 8,200 d) 6,540 1,120 5,420 2. Which of the...

Question 3.1 Relevant costing This question consists of two independent parts (PART A and B) and both must be answered. PART A You are a Junior Management Accountant at Mask-it-up (Pty) Ltd, a...

Please answer me page 51 to page 56 on the attachment. is a multiple choice questions. Thank you FAC1502/101/3/2016 Tutorial letter 101/3/2016 Financial accounting concepts, principles and procedures...

Explain the meaning of the terms emoluments, employments and office for the purposes of PAYE as you earn systems. 2. Explain the actual receipts basis of assessing the emoluments from the employment...

Hi. Please assist with multiple choice questions 26 - 30 as well as question 1 (written calculation question). This is based in on the South African Tax System. VAT Rate is 15%, Company Tax Rate is...

kindly answer question 6,7 and 8 from the attachment. please provide the workings. Chapter 16 - Partnerships: Liquidation Chapter 16 Partnerships: Liquidation Multiple Choice Questions 1. The CRT...

Briefly discuss the cost-volume-profit analysis model and how it is used. Use the attached PDF. APA Citation. 300 words. REVISED PAGES 3 Chapter Three 1 Fundamentals of Cost-Volume-Prot Analysis...

Please help i am having trouble with my assignment this is my last module to graduate please help me do it so can compare my answers and pass. FACULTY DEPARTMENT SUBJECT MARKS ASSESSSMENT ECONOMICS...

Question :- KPMG Taseer Hadi & Co. as the Auditors of the Company for the year 2019, subject to Shareholders' approval at the next AGM to be held on April 09,2019. Holding Company Through its wholly...

Fraud Statistics In this chapter, we draw heavily (with permission) from Joseph Wellss book Occupational Fraud and Abuse, as well as two surveys from the fraud literature: (1) the 2016 ACFE Report to...

In Exercise 40, you calculated probabilities involving various blood types. Some of your answers depended on the assumption that the outcomes described were disjoint; that is, they could not both...

an investor invested $ 5 0 0 two years ago at 7 % interest. the first year the investor earned $ 3 5 in interest which they left in the account. The second year the investor earned $ 3 7 . 4 5 in...

The min. specifications of the two-stage OpAmp are given. Try to improve these specifications, e.g. Gain of 65 dB or omega 40 MHz. The circuit diagram is provided. Provide a final table including all...