Do not round off values too early in the calculations. Maintain precision by rounding all intermediate and final answers to two decimal places to prevent any impact on the final result.Present all steps clearly in each calculation to ensure a thorough understanding of the process.Always specify whether any exemptions have been applied or if inclusions already occurred. QUESTION $1(20$ MARKS$)$ Johanna and Sandra operate as partners in a business partnership, with Johanna entitled to $55\%$ of the profit share and Sandra to $45\%.$ Both partners are under the age of $65$ and are registered South African residents. During the $2024$ year of assessment, the partnership recorded the following financial activities: $$ The partnership realised a total profit of R$680000.$ Each partner earned a monthly salary of R$15000,$ which was already accounted for in the profit calculations by the accountant. Sandra is entitled to a bonus to the value of $15\%$ of her annual salary payments. $$ The partnership earned total interest of R$50500$ from cash balances and short$-$term investments held during the year. The interest has not been included in the profit calculations by the accountant. $$ As per the partnership agreement, partners are entitled to receive $3\%$ interest on their capital contributions before profit distribution. As of $28$ February $2024,$ each partner had a total capital contribution of R$100000.$ Johanna contributed an extra R$35000$ on $1$ March $2023,$ while Sandra withdrew R$20000$ from her capital account on $1$ September $2023.$ The partnership also made payments to former members and employees: o A monthly annuity of R$2500$ was paid to Stephen, a former partner. o A once$-$off annuity payment of R$4500$ was made to Nathan, a retired employee who served the business for twenty years. o A once$-$off payment of R$1500$ was processed to Mary, a former employee who worked for the partnership for only two years before retirement. $$ As the managing partner, Sandra has the right of use of a vehicle owned by the partnership. The vehicle, purchased for R$150000($including VAT$)$ in the $2022$ assessment year, has been used throughout the current year with accurate records maintained for its usage and maintenance. A total of $17655$ km was travelled, of which $9152$ km were for business purposes. $$ Both partners' retirement annuity contributions were processed directly through the partnership's bank account, with each partner contributing R$12500$ during the assessment year. These contributions have not been accounted for in the profit calculations. $$ During the year of assessment, the partnership sold specialized equipment for R$55000.$ This equipment was originally acquired before $1$ October $2001,$ with total allowable improvement expenditure to the date of sale calculated at R$15000.$ Required: Calculate the taxable income per partner for the year of assessment ended $28$ February $2024.$