Mike and Ken were two partners sharing profits and losses in the ratio 4:3. Ken was in need offunds so he took a loan of Rs.50, 000 from the firm at an agreed rate of interest being 10% p.a. IfInterest is charged on loan to the partner it will be:(a) Debited to Profit and Loss A/c(b) Credited to Profit and Loss A/c(c) Debited to Profit and Loss Appropriation A/c(d) Credited to Profit and Loss Appropriation A/c

Rene, Michael and Kevin are partners in an accounting firm.  Their capital account balance at year-end were Rene, P90,000; Michael, P110,000; and Kevin, P50,000.  They share profit and losses on a 4:4:2 ratio after considering the following terms:Kevin is to receive a bonus of 10% of net income after deducting bonusInterest of 10% shall be paid on that portion of a partner’s capital in excess of P100,000Salaries of P10,000 and P12,000 shall be paid to partners Rene and Kevin respectively.Assuming a net income of P44,000 for the year, what is the total profit share of Kevin?

A& B are partners sharing profits and losses in the ratio of 3:2. C is admitted for ¼ and for which₹30,000 and ₹10,000 are credited as a premium for goodwill to A and B respectively. The new profit-sharing ratio of A:B:C will be:a) 3:2:1b) 12:8:5c) 9:6:5d) 33:27:2012 Assertion: Batman, a partner in a firm with four partners has advanced a loan of ₹50,000 to the firm forlast six months of the financial year without any agreement. He claims an interest on loan of₹3,000 despite the firm being in loss for the year.Reasoning: In the absence of any agreement / provision in the partnership deed, provisions of IndianPartnership Act, 1932 would apply.a) Both A and R are correct, and R is the correct explanation of A.b) Both A and R are correct, but R is not the correct explanation of A.c) A is correct but R is incorrect.d) A is incorrect but R is correct.

Alfonso began the year with a tax basis in his partnership interest of $30,000. His share of partnership debt at the beginning and end of the year consists of $4,000 of recourse debt and $6,000 of nonrecourse debt. During the year, he was allocated $40,000 of partnership ordinary business loss. Alfonso does not materially participate in this partnership and he has $1,000 of passive income from other sources. a. How much of Alfonso’s loss is limited by the passive activity loss rules?

In a partnership, how are the profits and losses typically shared among the partners? Question 4Answer a. determined by a separate agreement b. equally c. proportionate to their initial investment d. based on the number of partners

A partnership has three partners: A, B, and C. They agreed to share profits and losses in the ratio of 3:2:1. If the partnership's profit for the year is $90,000, how much will Partner B's share of the profit be?Question 16Answera.$30,000b.$36,000c.$40,000d.$45,000