Nothing Special   »   [go: up one dir, main page]
Scribd Logo
Upload

Welcome to Scribd!

  • 128 views

    08 ELMS Review 1

    Uploaded by

    Cj Moonton
    The document contains solutions to questions about partnership income and taxable income. It determines that the distributive share of Buladaco in a general partnership (GPP) is P125,000 based on the partnership having P600,000 in gross income, P350,000 in expenses, and P250,000 in net income split evenly between two partners. It also finds that Buladaco's taxable income is P300,000 based on P500,000 in gross income and P200,000 in expenses. Finally, it calculates that in a GPP, Buladaco's taxable income is P125,000 after accounting for a P125,000 share of the partnership's P500,000

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    08 ELMS Review 1

    Uploaded by

    Cj Moonton
    128 views2 pages
    The document contains solutions to questions about partnership income and taxable income. It determines that the distributive share of Buladaco in a general partnership (GPP) is P125,000 based on the partnership having P600,000 in gross income, P350,000 in expenses, and P250,000 in net income split evenly between two partners. It also finds that Buladaco's taxable income is P300,000 based on P500,000 in gross income and P200,000 in expenses. Finally, it calculates that in a GPP, Buladaco's taxable income is P125,000 after accounting for a P125,000 share of the partnership's P500,000

    Original Description:

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains solutions to questions about partnership income and taxable income. It determines that the distributive share of Buladaco in a general partnership (GPP) is P125,000 based on the partnership having P600,000 in gross income, P350,000 in expenses, and P250,000 in net income split evenly between two partners. It also finds that Buladaco's taxable income is P300,000 based on P500,000 in gross income and P200,000 in expenses. Finally, it calculates that in a GPP, Buladaco's taxable income is P125,000 after accounting for a P125,000 share of the partnership's P500,000

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    128 views2 pages

    08 ELMS Review 1

    Uploaded by

    Cj Moonton
    The document contains solutions to questions about partnership income and taxable income. It determines that the distributive share of Buladaco in a general partnership (GPP) is P125,000 based on the partnership having P600,000 in gross income, P350,000 in expenses, and P250,000 in net income split evenly between two partners. It also finds that Buladaco's taxable income is P300,000 based on P500,000 in gross income and P200,000 in expenses. Finally, it calculates that in a GPP, Buladaco's taxable income is P125,000 after accounting for a P125,000 share of the partnership's P500,000

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Name: Jayson G.

    Nate 08 Elms Review 8

    Section: BSA 202 May 15,2023

    1.Assuming the partnership is a GPP, how much is the distributive share of Buladaco in the income of the
    Partnership?

    Answer: P 125,000

    Solution:

    Gross Income P 600,000

    Operating Expense (350,000)

    Net Income-GPP P 250,000

    Divide by no. of partners 2

    Distributive Share of Partner P 125,000

    2.How much is the taxable income of Buladaco?

    Answer: P 300,000

    Solution:

    Gross Income P 500,000

    Operating Expense (200,000)

    Taxable Net Income P 300,000

    3. Assuming the partnership is a General Professional Partnership, how much is the taxable income of
    Buladaco ?

    Answer: P 125,000

    Solution:

    Gross Income P 500,000

    Operating Expense (200,000)

    Share in net income-GPP 125,000

    Taxable Net Income P 425,000

    You might also like