Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 3 mkg agency is a partnership firm consis

Question 3 MKG Agency is a partnership firm consisting of father and three major sons....

90.2K

Verified Solution

Question

Accounting

Question 3 MKG Agency is a partnership firm consisting of father and three major sons. The partnership deed provided that after the death of father, the business shall be continued by the sons, subject to the condition that the firm shall pay 20% of the profits to the mother.

Father died in March, 2022. In the previous year 2022-23, the reconstituted firm paid $. 1 lakh (equivalent to 20% of the profits) to the mother and claimed the amount as deduction from its income. Examine the correctness of the claim of the firm.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Assume that the continuously compounded zeros rates for T=1, 2, 3, 4 (years) are 4.5%, 5.2%, 5.7%,...

Biology
1.2K views

Identify and briefly explain two advantages and two disadvantages of individual-level epidemiologic studies over rodent bioassays in...

Physics
1.2K views

65 The graph showing the dependence of intensity of light on the angle between polariser...

Physics
1.2K views

18 The electric field part of an electromagnetic wave in a medium is represented by...

Geometry
1.2K views

Which credit card is invalid O4682 7122 5002 6124 4266 9713 8660 4725 0000 4071...

Basic Math
1.2K views

3 You have packed 4 pairs of pants 5 shirts and 3 pairs of shoes...

Algebra
1.2K views

Use the method of Example 6 to compute the matrix A 0 where 1 2...

Accounting
1.2K views

Gandolf Corporation allocates administrative costs on the basis of staff hours. Short-run monthly usage and...

Accounting
1.2K views

In addition to those accounts listed on the trial balance, the chart of accounts for...

Accounting
1.2K views

Account balances a. During February, $81,470 was paid to creditors on account, and purchases...

Accounting
1.2K views

Given the following information, what is the expected ROMI for this Marketing Initiative? Initiative: Facebook...

Finance
1.2K views

Hart Corp. is considering two investment projects, P and Q. Both projects have equal lives...