Jay Jays is a large pizza bar restaurant chain of 3 shops in Melbourne (located city, north and south) owned by Jagjeet and Jiera. The books of account for 2020 income year reveal the following: Sales 15,00,000 Closing stock 20,000 Opening Stock 10,000 Purchases 300,000 Various business expenses - Advertising 6,000 - Electricity 12,000 - Insurance 9,000 - Interest on loan - premises 160,000 - Rent 100,000 - Staff wages 300,000 - Telephone 2,000 Other expenses 121,000 - Bad Debt 1,000 - Depreciation 100,000 - Repairs 15,000 - Tax agent expenses Salaries - Salary for Jagjeet - Salary for Jiera 5,000 52,000 31,200 Jagjeet and Jieras partnership agreement provides that profits are to be distributed equally and that wages should be paid weekly by the partnership to the partners as mutually agreed. Jagjeet is paid $1,000 a week and JIera is paid $600 a week. REQUIRED Part 1 8 marks Advise what is the net income of the partnership hint use this table to prepare your answer Part 2 3 marks Are the partners salaries deductible - advise your reasons and provide case law and relevant rulings.? Part 3 4 marks Advise the tax liability of Jagjeet only, taking into account the distribution of the partnership net income 1,500,000 20,000 10,000 300,000 589,000 83,200