Answer the questions in the attached word document
Assignment No. 5
ACCT302 Advanced Financial Accounting
Total Marks: 10
Note: 10 marks of all 5 assignments (50 marks) are converted into 15 marks at the end of the
semester using the following formula:
Actual total marks/ 50 marks*15 marks
You are required to work in this assignment individually. Any suspicious activities or cheating
will result zero grade in this assignment. Plagiarism is prohibited, answers of high plagiarism
Students submitting assignment after deadline will have zero
Each question carries 2.5 marks
Q1. Briefly explain the following terms associated with accounting for foreign entities:
a) Functional Currency
Answer: 1 Q2. The ABC partnership had net income of $100,000 for 2009. They allocate profits and losses
in the ratio 5:3:2. After closing the 12/31/2009 books they discovered that $30,000 was spent on
a piece of land in December 2009 and was expensed. What should happen?
Answer: Q3. The PQ partnership has the following plan for the distribution of partnership net income
2 Calculate the distribution of partnership net income (loss) for each independent situation below
(for each situation, assume the average capital balance of P is $140,000 and of Q is $240,000).
1. Partnership net income is $360,000.
2. Partnership net income is $240,000.
3. Partnership net loss is $40,000.
Answer: Q4. Listen and Hear are thinking of dissolving their partnership. Listen has a friend who told him
to complete a "lump-sum" liquidation. Hear wants to complete an "installment" liquidation. They
have come to you for advice. What do you recommend and Why?
This question was answered on: Sep 18, 2020
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