Question
Genda, Rose and Dhalia (all resident of Fiji) are running a partnership business in Fiji with the profit sharing ratio of 4:3:3. The Sales from
Genda, Rose and Dhalia (all resident of Fiji) are running a partnership business in Fiji with the profit sharing ratio of 4:3:3. The Sales from the Business for 2020 was $450000. Selling expenses were $185000. Administrative expenses amounted to $71000 and financial expenses were $29000.
Genda has a fixed deposit of $10000 with ANZ bank and earned interest of $500 in 2020. The withholding tax deducted was $50. Her insurance policy matured in the year 2020 and she received $15000 from New Fiji Insurance Limited.
Rose received rental income of $7000 from her tenant in 2020. She also received dividends of $1000 from her investments in unit trust of Fiji.
Dhalia received an insurance compensation of $20000 in the year 2020 due to injuries sustained in a motor vehicle accident. She also received interest income of $800 from Credit Corporation.
Required
i) Calculate Assessable income of the partnership for 2020. (1 mark)
ii) Calculate total assessable income in 2020 for Genda. (3 marks)
iii) Calculate total assessable income in 2020 for Rose. (3 marks)
iv) Calculate total assessable income in 2020 for Dhalia. (
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