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Abel (48 years) operated a general repairs and electrical business as a sole proprietor. On 1 April in the current year of assessment, he decided
Abel (48 years) operated a general repairs and electrical business as a sole proprietor. On 1 April in the current year of assessment, he decided to enter into a partnership agreement with Brian ( 36 years). They agreed to share profits on a 60:40 ratio. The following income and expense items for the current year of assessment relate to the partnership: Additional Information: 1. Irrecoverable debts recovered The irrecoverable debts recovered relates to R20 000 for debtors brought into the partnership by Brian. 2. Depreciation Delivery vehicle 1: This vehicle was purchased new by Brian on 1 June 2018 for R360 000
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