Wardle, Jingle and Trotter began trading on 1 October 2019, preparing accounts to 30 September each year

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Wardle, Jingle and Trotter began trading on 1 October 2019, 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) Compute each partner's trading income for 2019-20, 2020-21 and 2021-22.

(b) Compute each partner's bank interest for 2019-20, 2020-21 and 2021-22.

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Taxation Finance Act 2021

ISBN: 9781292406725

27th Edition

Authors: Alan Melville

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Question Posted: Jan 31, 2024 02:01 AM

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Wardle, Jingle and Trotter began trading on 1 October 2019, preparing accounts to 30 September each year

Question:

Trading profit Bank interest received Loan interest received net (net amount) y/e 30/9/20 117,460 200 992 y/e 30/9/21 136,540 220 1,088

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Based on the image provided we have the following information Trading Profit Year ending 300920 117460 Year ending 300921 136540 Bank Interest Receive...View the full answer

Taxation Finance Act 2021

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