Sam and Sandra are in a partnership as retailers of SS Cosmetic goods. The partnership records, exclusive of GST, for the 2019-20 income tax year disclose:
|
Receipts ($): |
|
|
200,000 |
Gross receipts from trading |
|
Payments ($): |
|
|
50,000 |
Purchases of trading stocks |
|
20,000 |
Partners' salaries (each) |
|
1,000 |
Interest on cash advance made to the partnership by Sam |
|
30,000 |
Salaries for employees and rent paid |
|
1,000 |
Legal expenses in recovering bad debts |
Other details:
Required:
Calculate the Net Partnership income and Sam's taxable income for the 2019-20 income tax year explaining your treatment of each item in this question and citing relevant legislation to support your answer.
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Sam and Sandra are in a partnership as retailers of SS Cosmetic goods. The partnership records,...
Sam and Sandra are in a partnership as retailers of SS Cosmetic goods. The partnership records, exclusive of GST, for the 2019-20 income tax year disclose: Receipts ($): 200,000 Gross receipts from trading Payments ($): 50,000 Purchases of trading stocks 20,000 Partners' salaries (each) 1,000 Interest on cash advance made to the partnership by Sam 30,000 Salaries for employees and rent paid 1,000 Legal expenses in recovering bad debts Other details: Sam and Sandra share partnership profits and losses equally...
Sam and Sandra are in a partnership as retailers of SS Cosmetic goods. The partnership records, exclusive of GST, for the 2019-20 income tax year disclose: Receipts ($): 200,000 Gross receipts from trading Payments ($): 50,000 Purchases of trading stocks 20,000 Partners' salaries (each) 1,000 Interest on cash advance made to the partnership by Sam 30,000 Salaries for employees and rent paid 1,000 Legal expenses in recovering bad debts Other details: Sam and Sandra share partnership profits and losses equally...
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