John and James are in partnership sharing profits and losses 60:40.

The following is the trial balance as at 30 June 2010.

Particulars	Debit $	Credit $
Buildings (Cost $750,000.00)	500,000.00
Fixtures at cost	110,000.00
Provision for depreciation: Fixtures		33,000.00
Debtors	162,430.00
Creditors		111,500.00
Cash at bank	67,700.00
Stock at 30 June 2009	419,790.00
Sales		1,236,500.00
Purchases	854,160.00
Carriage outwards	12,880.00
Discounts allowed	1,150.00
Loan interest: King	40,000.00
Office expenses	24,160.00
Salaries and wages	189,170.00
Bad debts	50,300.00
Provision for bad debts		40,000.00
Loan from J. King		400,000.00
Capitals:John		350,000.00
James		295,000.00
Current accounts: John		13,060.00
James		29,800.00
Drawings: John	64,000.00
James	56,500.00

Notes

Stock, 30 June 2010, $563,400.00

Expenses to be accrued: Office Expenses $9,600.00, Wages $2,000.00

Depreciate fixtures and buildings using 10 percent on the reducing balance basis

Partnership salary of $8,000.00 to John not yet entered

Assuming that this question is related to Jamaica, the threshold for this date is $507,312 and income in excess of the threshold is taxed at 25%.

Requirement:

Compute the tax liability for John and James for the year of assessment 2010.