Jane and John carry on a partnership together with gross receipts for the current income year of $180,000. During the year, the following payments were made:

Purchases of trading stock $180,000

Wages to employees $20,000

Advances to Jane $45,000

Lease payments on two cars $8,000

Jane and John share profits in the ratio of 3:1. Stock on hand at the beginning of the year was $3,000 and at the end of the year was $3,400. Both cars were used for business purposes, but John uses his 40% for private purposes as well.

Calculate the net income of the partnership and the assessable income of the partners. (10 marks)