Question
On November 10, 2020, Maher, Saher, and Taher, partners of Maher, Saher, & Taher LLP, shared net income and losses in a 4 : 2
On November 10, 2020, Maher, Saher, and Taher, partners of Maher, Saher, & Taher LLP, shared net income and losses in a 4 : 2 : 1 ratio respectively. In liquidation of the LLP, the Capital per unit of income sharing ratio were: $10,000, $12,000, $15,000 respectively. The total capital balance of LLP before liquidation was:
a. $74,000.
b. $37,000.
c. $79,000.
d. $94,000.
The capital balances for the partners of Rami, Sami & Tami LLP as authorized on December 20, 2020, were: $250,000, $300,000 & $80,000 respectivily and their capital per unit of income sharing were: $50,000, $100,000 & $40,000 respectively. Tami share in income or losses is: Select one:
a. 30%.
b. 40%.
c. 50%.
d. 20%.
Please please, I don't have enough time, help me
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started