Cluppins and Raddle form a partnership on 1 November 2018, preparing accounts to 31 May each year.
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Cluppins and Raddle form a partnership on 1 November 2018, preparing accounts to 31 May each year. Bardell is admitted as a partner on 1 January 2020. Cluppins leaves the partnership on 28 February 2021 and Winkle is admitted as a partner on 1 March 2021.
Profits and losses are shared as follows:
Cluppins and Raddle 1:2 Cluppins, Raddle and Bardell 7:8:5 Raddle, Bardell and Winkle 4:3:1 Adjusted trading profits are:
£
1 November 2018 to 31 May 2019 60,000 year to 31 May 2020 120,000 year to 31 May 2021 30,000 year to 31 May 2022 80,000 Calculate each partner's trading income for 2018-19 through to 2022-23, identifying any overlap periods and profits.
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