Hook, Line and Sinker begin trading as a partnership on 1 July 2015 , sharing profits equally.
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Hook, Line and Sinker begin trading as a partnership on 1 July 2015 , sharing profits equally. The chosen accounting date is 30 June and the first accounts are made up for the year to 30 June 2016 . In addition to its trading income, the partnership has non -trading income as follows:
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Income from property Net loan interest received from a company yle 30/6/16 7,500 2,400 yle 30/6/17 9,000 3,600 (a) Compute each partner's income from property for tax years 2015-16, 2016-17 and 2017-18. (b) Compute the gross amount of loan interest on which each partner is taxed in tax years 2015-16 and 2016-17.
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a Each partner is allocated property income of 2500 in the year to 30 June 2016 and 3000 in t...View the full answer
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