Contributions – NBC Institute

FA – May 2022 – L1 – SA – Q11 – Partnership Accounts

Determine the amount to be debited to the office equipment account when a partner contributes equipment.

Question

As part of the initial investment, a partner contributed office equipment that originally cost ₦20,000,000 and on which accumulated depreciation of ₦12,500,000 had been recorded. If the partners agree on a valuation of ₦9,000,000 for the equipment, what amount should be debited to the office equipment account?

A. ₦7,500,000
B. ₦9,000,000
C. ₦9,500,000
D. ₦12,500,000
E. ₦20,000,000

Answer

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Tags: Asset Valuation, Contributions, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2022

BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

Question

‘X’, ‘Y’, and ‘Z’ formed a partnership in 2007 and contributed N400,000, N300,000, and N200,000, respectively. In the course of managing the firm, Y paid the electricity bills of the firm to keep the business of the partnership going, and wants to be reimbursed. X intends to introduce a friend to join the partnership.

Required:
What are the positions of the law in the situations above? (10 Marks)

Answer

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Tags: Contributions, Law of Partnership, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2015

PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities

Explanation of tax treatment of research and development expenses, contributions to worthwhile causes, and financial costs from derivatives.

Question

Your company has recruited five new employees, and the Director of Training has instructed you to explain certain provisions in the Income Tax Act, 2015 (Act 896) to them:

i) Research and development expenditure (3 marks)
ii) Contribution and donations to worthwhile causes (3 marks)
iii) Financial cost from derivatives (4 marks)

Answer

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Tags: Contributions, Donations, Financial instruments, Research and Development, Tax Deductibles, Tax law
Level: Level 2

Topic: Contributions, Financial Cost
Series: NOV 2023

PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

Question

Explain the 3-Tier scheme under the National Pension Act.

Answer

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Tags: 3-Tier Pension Scheme, Contributions, National Pension Act
Level: Level 2

Topic: Tax Administration
Series: MAY 2021

FA – May 2022 – L1 – SA – Q11 – Partnership Accounts

Determine the amount to be debited to the office equipment account when a partner contributes equipment.

Question

A. ₦7,500,000
B. ₦9,000,000
C. ₦9,500,000
D. ₦12,500,000
E. ₦20,000,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Asset Valuation, Contributions, Partnership
Level: Level 1

Topic: Partnership Accounts (Including Profit Sharing, Capital and Current Accounts)
Series: MAY 2022

BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

Question

Required:
What are the positions of the law in the situations above? (10 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contributions, Law of Partnership, Partnership
Level: Level 1

Topic: Partnership Law
Series: MAY 2015

PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities

Explanation of tax treatment of research and development expenses, contributions to worthwhile causes, and financial costs from derivatives.

Question

Your company has recruited five new employees, and the Director of Training has instructed you to explain certain provisions in the Income Tax Act, 2015 (Act 896) to them:

i) Research and development expenditure (3 marks)
ii) Contribution and donations to worthwhile causes (3 marks)
iii) Financial cost from derivatives (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contributions, Donations, Financial instruments, Research and Development, Tax Deductibles, Tax law
Level: Level 2

Topic: Contributions, Financial Cost
Series: NOV 2023

PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

Question

Explain the 3-Tier scheme under the National Pension Act.

Answer

Find Related Questions by Tags, levels, etc.

Tags: 3-Tier Pension Scheme, Contributions, National Pension Act
Level: Level 2

Topic: Tax Administration
Series: MAY 2021

Question Tag: Contributions

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FA – May 2022 – L1 – SA – Q11 – Partnership Accounts

Determine the amount to be debited to the office equipment account when a partner contributes equipment.

BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities

Explanation of tax treatment of research and development expenses, contributions to worthwhile causes, and financial costs from derivatives.

PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

FA – May 2022 – L1 – SA – Q11 – Partnership Accounts

Determine the amount to be debited to the office equipment account when a partner contributes equipment.

BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities

Explanation of tax treatment of research and development expenses, contributions to worthwhile causes, and financial costs from derivatives.

PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

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FA – May 2022 – L1 – SA – Q11 – Partnership Accounts

Determine the amount to be debited to the office equipment account when a partner contributes equipment.

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BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

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PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities

Explanation of tax treatment of research and development expenses, contributions to worthwhile causes, and financial costs from derivatives.

You're reporting an error for "PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities"

PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

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FA – May 2022 – L1 – SA – Q11 – Partnership Accounts

Determine the amount to be debited to the office equipment account when a partner contributes equipment.

You're reporting an error for "FA – May 2022 – L1 – SA – Q11 – Partnership Accounts"

BL – May 2015 – L1 – SB – Q3a – Partnership Law

Explain the positions of law in relation to partner contributions and the introduction of a new partner.

You're reporting an error for "BL – May 2015 – L1 – SB – Q3a – Partnership Law"

PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities

Explanation of tax treatment of research and development expenses, contributions to worthwhile causes, and financial costs from derivatives.

You're reporting an error for "PT – Nov 2023 – L2 – Q4a – Income Tax Liabilities"

PT – May 2021 – L2 – Q2d – Tax Administration

Explain the 3-Tier Pension Scheme under the National Pension Act.

You're reporting an error for "PT – May 2021 – L2 – Q2d – Tax Administration"

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