Rachel and bill share the profits in the ration of 3:1 stock on hand at the beginning of the year were $3000 and at the end of the year was $3400. both cars were used for business purposes.

but the bill uses his 40% for private purposes as well. Bill also works part-time as a trainer and generated a gross income of 12000. he subscribes magazines that update his knowledge on the industry and training to be provided to his own clients and it costs him $800 in annual subscription fees. he also received fully franked dividends from ABC company of f$1125 in the current income year.

Requirements:

a) calculate the net income of the partnership and the assessable income of the partners.

b) calculate the final tax liability of the bill.

Answer rating: 100% (QA)

answers a Net income of Partnership Firm Gross Receipts 80000 Cost of goods sold 17600 Gross Profit ... View the full answer