If share of loss is given then how it will be treared in calculating o

1.	If share of loss is given then how it will be treared in calculating opening capital
Answer» Answer: However, sharing of profit and losses is EQUAL among the partners, if the ... In this account how the profit or LOSS among the partners of the firm is distributed is shown. ... For transferring interest on capital to Profit and Loss Appropriation Account: ... as their capitals and AGREED to share profits and losses in the RATIO of 5:3:2. Explanation: The tax return capital accounts keep track of the value of each partner's ownership share in the partnership on the tax BASIS. Calculate and add any other increases in capital, such as each partner's share of the partnership's assumption of a loan. Total and enter each partner's increases on Schedule K-1, Section L.

If share of loss is given then how it will be treared in calculating opening capital

Answer»

Answer:

However, sharing of profit and losses is EQUAL among the partners, if the ... In this account how the profit or LOSS among the partners of the firm is distributed is shown. ... For transferring interest on capital to Profit and Loss Appropriation Account: ... as their capitals and AGREED to share profits and losses in the RATIO of 5:3:2.

Explanation:

The tax return capital accounts keep track of the value of each partner's ownership share in the partnership on the tax BASIS. Calculate and add any other increases in capital, such as each partner's share of the partnership's assumption of a loan. Total and enter each partner's increases on Schedule K-1, Section L.

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