P REVENUE Commission receivable invoiced to non-residents 76,244 Commission receivable invoiced to residents 138,895 Residential rent received 5,000 Proceeds on sale of furniture 16,500 Interest received 96,828 Fees receivable invoiced to residents 202,708 Credit notes received from suppliers 5,148 Settlement discount received 2,398 Proceeds on sale of saloon car 28,000 Office rent received 23,650 Insurance recovery 46,398 EXPENDITURE Sundry office expenditure 18,425 Interest paid 53,784 Salaries 105,839 Capital expenditure 220,000 Required: (a) Categorise the above revenue transactions into the following categories and state the output taxable amount and the tax charged on them: (i) Exempt supplies; (li) zero-rated supplies; (iii) Standard supplies. (10 marks) 8. 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. 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 (3) (ii) The allocation of the partnership's profits between Maja, Dudu and Stella for each accounting period (7 marks)