Question
Mrs Ashton has a son and they are in partnership. For the first quarter of the 2016/2017 income year the details were as follows Sales
Mrs Ashton has a son and they are in partnership. For the first quarter of the 2016/2017 income year the
details were as follows
Sales (including GST) $44,000
Mrs Ashton's share of income from 2016/17 year was as follows;
Partnership
ogross income$170,000
oExpenses$120,000
oNet Profit$50,000
oShare for Mrs Ashton 50%
oMrs Ashton had other instalments amounting to $53,150.
Required:
a)Calculate Mrs Ashton & her Son's share of the partnership's instalment income for the quarter
b)Identify the appropriate BAS Statement classifications (BAS box) for the following:
a.Sales including GST
b.GST
c.Instalment Income
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