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Adam and Eve are in partnership sharing profits in a ratiol:1. The following data relates to 2020 year of assessment: GHC Revenue made for the
Adam and Eve are in partnership sharing profits in a ratiol:1. The following data relates to 2020 year of assessment: GHC Revenue made for the year 100,000.00 Less Cost of sales 40,000.00 Gross profit 60,000.00 Less: Expenses 50.000.00 Net profit 19.020.00 The following were added to expenses. Depreciation Purchase of computer Salary paid to Eve Interest on loan to Adam 1,000,00 10,000.00 5,000.00 4,000,00 Interest on capital Adam Eve Provision for doubtfuldehti 1.000,00 800.00 1,500.00 The following additional information is available: Capital allowance agreed with GRA was GH1,300.00 Adam is married with one child schooling in the USA m) Eve has three aged dependent relatives with one child in JHS in Accra Required: Adjust the net profit for the period for tax purposes. by Compute the chargeable income for each partner. Calculate the income tax for the 2020 year of assessment for each partner
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