Jane and John carry on a partnership together with gross receipts for the current income year...

 

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Jane and John carry on a partnership together with gross receipts for the current income year of $80,000. During the year, the following payments were made: Purchases of trading stock $18,000 Wages to employees $10,000 Advances to Rachel $35,000 Lease payments on two cars $4,000 Jane and John share profits in the ratio of 3:1. Stock on hand at the beginning of the year was $3,000 and at the end of the year was $3,400. Both cars were used for business purposes, but Bill uses his 40% for private purposes as well. th cars were business purposes, but Bill uses his 40% for private purposes as well. 024 Calculate the net income of the partnership and the assessable income of the partners. (10 marks) H E B i A- X, X Jane and John carry on a partnership together with gross receipts for the current income year of $80,000. During the year, the following payments were made: Purchases of trading stock $18,000 Wages to employees $10,000 Advances to Rachel $35,000 Lease payments on two cars $4,000 Jane and John share profits in the ratio of 3:1. Stock on hand at the beginning of the year was $3,000 and at the end of the year was $3,400. Both cars were used for business purposes, but Bill uses his 40% for private purposes as well. th cars were business purposes, but Bill uses his 40% for private purposes as well. 024 Calculate the net income of the partnership and the assessable income of the partners. (10 marks) H E B i A- X, X

Answer rating: 100% (QA)

Pl Alc Crvoss receipts 80000 Beginning stoake 3000 3400 Endin... View the full answer