Indicate the tax implications for the respective partners of the transactions for the 2018 year of assessment.
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Question:
Indicate the tax implications for the respective partners of the transactions for the 2018 year of assessment.
INFORMATION:
Pall and Mall were partners in a partnership business and share profits equally. On 1 June 2017 they admitted a new partner, Peter, to the partnership and also shared profits equally between the three. On 1 November 2017, Chester was admitted to the partnership and profits were also shared equally. The following transactions were recorded for the year ended 30 March 2018.
R | |
1 May 2017 : Sales to Annhauser | 24 000 |
1 July 2017 : Annhauser debt written off | 6 000 |
1 December 2017 : Recoupment of Annhauser debt | 6 000 |
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
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