Adam and Mandeep are in a partnership in retailing computer accessories. The partnership records, exclusive of...
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Adam and Mandeep are in a partnership in retailing computer accessories. The partnership records, exclusive of GST, for this income year, disclose: Receipts ($): 530,000 Payments ($): 175,000 70,000 12,000 150,000 9,000 Other details: Gross receipts from trading Purchases of trading stocks Partners' salaries (each) Interest on cash advance made to the partnership by Adam Salaries for employees and rent paid Legal expenses in recovering bad debts. Adam and Mandeep share partnership profits equally Trading stock on hand 1 July: $25,000 Trading stock on hand 30 June: $30,000 Adam's personal records disclose: • Gambling winnings: $10,000 • Net salary as a part-time instructor (excluding PAYG tax instalments of $6,000): $20,000 . Subscription to professional journals: $3,500 Adam is a member of a private health fund Calculate Adam's taxable income for the income year explaining your treatment of each item in this question. Adam and Mandeep are in a partnership in retailing computer accessories. The partnership records, exclusive of GST, for this income year, disclose: Receipts ($): 530,000 Payments ($): 175,000 70,000 12,000 150,000 9,000 Other details: Gross receipts from trading Purchases of trading stocks Partners' salaries (each) Interest on cash advance made to the partnership by Adam Salaries for employees and rent paid Legal expenses in recovering bad debts. Adam and Mandeep share partnership profits equally Trading stock on hand 1 July: $25,000 Trading stock on hand 30 June: $30,000 Adam's personal records disclose: • Gambling winnings: $10,000 • Net salary as a part-time instructor (excluding PAYG tax instalments of $6,000): $20,000 . Subscription to professional journals: $3,500 Adam is a member of a private health fund Calculate Adam's taxable income for the income year explaining your treatment of each item in this question.
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Answer Adams taxable income for the income year is 121500 Gross receipts from trad... View the full answer
Related Book For
Operations management processes and supply chain
ISBN: 978-0136065760
9th edition
Authors: Lee J Krajewski, Larry P Ritzman, Manoj K Malhotra
Posted Date:
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