Wardle, Jingle and Tro tter began trading on 1 October 2015 , preparing accounts to 30 September
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Wardle, Jingle and Tro tter began trading on 1 October 2015 , preparing accounts to 30 September each year and sharing profits in the ratio 7:2:1. Results for the first two years of trading are as follows:
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(a) (b) (c) Trading profit Bank interest received Loan interest received net (net amount) y/e 30/9/16 117,460 200 992 y/e 30/9/17 136,540 220 1,088 Compute each partner's trading income for 2015-16, 2016-17 and 2017-18. Compute each partner's bank interest for 2015-16, 2016-17 and 2017-18. Compute the gross amount of loan interest on which each partner is charged to tax in 2016-17.
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