Peter and Jill are in a partnership as retailers of electrical goods. The partnership records, exclusive of GST, for this income year disclose:

Receipts ($):

400,000

Gross receipts from trading

Payments ($):

200,000

Purchases of trading stocks

20,000

Partners' drawings ($5,000 to Peter and $15,000 to Jill)

4,000

Interests paid to partners' capital contribution ($1,000 to Peter and $3,000 to Jill)

50,000

Partners' salaries( $30,000 to Peter and $20,000 to Jill)

2,000

Interest on cash advance made to the partnership by Peter

60,000

Salaries for employees and rent paid

2,000

Legal expenses in recovering bad debts

Other details:

Peter and Jill will receive partners' salaries and other benefits according to the partnership's agreement and the remainder will be shared 40% to Peter and 60% to Jill.

Trading stock on hand 1July: $25,000

Trading stock on hand 30June: $20,000

Peter's personal records disclose:

Gambling winnings: $2,000

Net salary as a part-time instructor (excluding PAYG tax instalments of $2,000): $5,000

Subscription to professional journals: $500

Peter is a member of a private health fund.

Calculate the partnership net income/loss and the allocation to partners.