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Cuestion one [25 Marks) Atuse and Donica formed a partnership as Tax Consultants. Given belov 30 June 2016. Income Legal Fees Expenses: Impairment Add Drawings
Cuestion one [25 Marks) Atuse and Donica formed a partnership as Tax Consultants. Given belov 30 June 2016. Income Legal Fees Expenses: Impairment Add Drawings (partners) 540,000 600,000 Rent & Rates 455 58,000 Salaries Add with 0.00 700,000 Musa's Salary 280,000 Interest on Donica's Capital Account Other Allowable expenses 28,000 398,000 Net Profit Additional Information 1. Musa and Donica share profits in the ratio of 40% to 60% respec 2. Capital Allowances for the year amount to P145,000. Jess 3. Musa received dividends amounting to P120, 000 from Botswan 4. Donica received Interest income of P36, 000 from ZNB Commer 5. Musa paid P47, 000 to an approved pension plan. 6. Donica paid P50, 000 to an unapproved foreign pension fund. Required (0) ii) Calculate the partnership's chargeable income for the year Calculate the tax payable by Musa and Donica for the year
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