QUESTION 5 In July 2018, Tina formed a partnership with Tim. They agreed that the share...

 

Transcribed Image Text:

QUESTION 5 In July 2018, Tina formed a partnership with Tim. They agreed that the share of earnings would be 60% to Tina and 40% to Tim after allowing partners salaries and interest on capital. The following receipts and payments were recorded during the 2020/21 tax year. Receipts Gross income $180,000 Fully franked dividend $21,000 Payments Salary - Tina $20,000: Tim $15,000 Interest on Capital - Tina $7,000; Tim $2,000 Other deductible expenses $75,000 Required a) Calculate partnership net income and the profit distribution to each partner. b) Calculate each partner's assessable income. ) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). f Paranranh V Open Sans sa V 10ot. = T YAO Save QUESTION 5 In July 2018, Tina formed a partnership with Tim. They agreed that the share of earnings would be 60% to Tina and 40% to Tim after allowing partners salaries and interest on capital. The following receipts and payments were recorded during the 2020/21 tax year. Receipts Gross income $180,000 Fully franked dividend $21,000 Payments Salary - Tina $20,000: Tim $15,000 Interest on Capital - Tina $7,000; Tim $2,000 Other deductible expenses $75,000 Required a) Calculate partnership net income and the profit distribution to each partner. b) Calculate each partner's assessable income. ) For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). f Paranranh V Open Sans sa V 10ot. = T YAO Save