Game, Set and Match begin trading in partnership on 1 August 2015 , preparing accounts to 31
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Game, Set and Match begin trading in partnership on 1 August 2015 , preparing accounts to 31 January each year and sharing profits equall y. With effect from 1 March 2016 , they agree to share profits in the ratio 1:2:2. The adjusted trading profits/(losses) of the partnership are as follows:
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period to 31 January 2016 y/e 31 January 2017 y/e 31 January 2018 43,050 21,600 (7,420) Compute each partner's trading income for tax years 2015-16, 2016-17 and 2017-18 and explain how the trading loss incurred in the year to 31 January 2018 will be treated.
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The allocation of trading profit or loss for each period of account is Notes i The basis period for ...View the full answer
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