Cluppins and Raddle form a partnership on 1 November 2013 , preparing accounts to 31 May each
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Cluppins and Raddle form a partnership on 1 November 2013 , preparing accounts to 31 May each year. Bardell is admitted as a partner on 1 January 2015 . Cluppins leaves the partnership on 29 February 2016 and Winkle is admitted as a partner on 1 March 2016.
Profits and losses are shared as follows:
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Cluppins and Raddle Cluppins, Raddle and Bardell Raddle, Bardell and Winkle Adjusted trading profits are: 1 November 2013 to 31 May 2014 year to 31 May 2015 year to 31 May 2016 year to 31 May 2017 1:2 7:8:5 4:3:1 60,000 120,000 30,000 80,000 Calculate each partner's trading income for 2013-14 through to 2017-18, identifying any overlap periods and profits.
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To calculate each partners trading income for the specified years we need to prorate the profits based on the partnership agreements for the relevant ...View the full answer
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