Maja, Dudu and Stella began trading in Partnership on 1 Feb 2014 and registered for VAT from this date. They run a transport logistics business. They drew up their first set of accounts to 31 May 2014 and annually to 31 May thereafter.

Maja, Dudu and Stella share profits in the ratio 3:2:1. Each partner is paid a salary of P168 000 pa and interest on their initial capital injection at 8% pa. On 1 February 2014, Maja contributed P140 000 of capital, Dudu contributed P28 000 and Stella P105 000. The tax adjusted profits of the partnership (before capital allowances), which accrue evenly within each accounting period, are as follows.

P

Period ended 31 May 2014 974 120

Year ended 31 May 2015 1 398 376

In addition, the partnership made a number of acquisitions and disposals. Capital allowances have been calculated as P84 700 for the period ended 31 May 2014 and P35 210 for the year ended 31 May 2015.

Required

1. Calculate the tax adjusted trading profits for the partnership for each accounting period
2. The allocation of the partnerships profits between Maja, Dudu and Stella for each accounting period