Jerrick and some friends started Sunrise LLP, a limited liability partnership on 1 January 2022 providing Information Technology services. Out of the total capital of $100,000, Jerrick contributed $40,000 into Sunrise LLP and the profit-sharing ratio is agreed to be in proportion to the capital contribution by each partner. None of the partners derived any personal benefits from Sunrise LLP.

For the financial year ended 31 December 2022, Sunrise LLP recorded a tax adjusted loss of $200,000 and capital allowance of $75,000 which have been agreed with the Comptroller.

On 1 January 2023, to accommodate more part-timers to help in Sunrise LLP's business, Jerrick contributed some furniture (i.e. work desks and chairs) and computers for which the market value was $5,000 and $15,000 respectively.

For the financial year ended 31 December 2023, Sunrise LLP had an adjusted trade profit of $150,000.

Due to personal financial commitments, Jerrick decided to look for a job and started his first employment as a sales executive with New Pte Ltd (NPL) on 1 January 2023. His employment income for the year 2023 was $48,000 and in view of his excellent performance in 2023, a performance bonus of $12,000 was paid to Jerrick on 10 January 2024.

In 2022, Jerrick inherited an apartment from his great-grandmother. This apartment was rented out at a monthly gross rental of $3,000 under a 2-year lease which started on 1 June 2022. The following expenses were incurred by Jerrick in the year 2023 :

Property Tax $1500

Maintenance fees $1800

(a)Compute Jerrick's assessable income for the year of assessment 2024, stating clearly the relevant deductions and amount restricted (if applicable)

(b)State what constitutes 'contributed capital' in the context of a partner of a limited liability partnership.