Jody and Ada are partners operating AML Solicitors and Notaries. Under the partnership agreement, Jody is...
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Jody and Ada are partners operating AML Solicitors and Notaries. Under the partnership agreement, Jody is allowed to draw a monthly salary of $10,000 and the partnership profit is divided in equal shares between the partners. During the year of assessment 2019/20, the partnership profit was HK$100,000 (before deducting partner's salary). How will the assessable profits be allocated between the partners? Jody and Ada are partners operating AML Solicitors and Notaries. Under the partnership agreement, Jody is allowed to draw a monthly salary of $10,000 and the partnership profit is divided in equal shares between the partners. During the year of assessment 2019/20, the partnership profit was HK$100,000 (before deducting partner's salary). How will the assessable profits be allocated between the partners?
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Heres how the assessable profits will be allocated between the partners 1 Calculate Total Assessable ... View the full answer
Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
Posted Date:
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