Ali and Sumara started a retailing shop on a partnership. Each of them contributed $40,000 fund to the business. The partnership agreement provides:

• Both Ali and Sumara are to receive interest at the rate of 10% pa on their capital contribution.
• Ali will receive a salary of $25,000 for the management of the shop, as well as superannuation contributions of $6,000.
• The remainder in profit and loss will be shared equally between Ali and Sumara .

The accounts for this income year show the following:

Income ($)
Sales	240,000
Expenses ($)
Cost of goods sold	130,000
Interest on capital paid to Ali and Sumara in total	8,000
Salary to Ali	25,000
Superannuation to Ali	6,000
Rent expense	7,000
Other deductible operating expenses	14,000

Required:

Calculate the net income of the partnership. Show the allocation of net income to each of the partners.