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Joy and Wayne are in partnership selling and maintaining computers. They share profits and loss equally. In the year of assessment 2023, the profit of

Joy and Wayne are in partnership selling and maintaining computers. They share profits and loss equally. In the year of assessment 2023, the profit of the firm was $3,000,000 after charging:

Depreciation $100,000,

Partners drawings $1,000,000,

Professional fees $400,000.

Interest on capital Joy $200,000 and Wayne $100,000.

Additional Information not included in the income statement: Capital allowances have been computed at $550,000. Joy is 66 years old and received pension income of $30,000 for the year. Wayne received gross amount of $50,000 on a bank fixed deposit.

(a) Prepare the partnership adjusted profit statement and annual returns for each partner for the year of assessment 2023.

(b) Prepare the partnership adjusted profit statement and annual returns for each partner for the year of assessment 2023 if the profit of the firm was $14,000,000

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