Peter and Jill are in a partnership as retailers of electrical goods. The partnership records, exclusive of GST, for this income year disclose. Receipts ($): 300,000 Gross receipts from trading Payments ($): 100,000 Purchases of trading stocks 30,000 Partners salaries (each) 2000 Interest on cash advance made to the partnership by Peter Salaries for employees and rent paid 2000 Legal expenses in recovering bad debts Other details Peter and ill share partnership profits equally Trading stock on hand 1 July, $10.000 Trading stock on hand 30 June: $20,000 Peter's personal records disclose: Gambling winnings: 52.000 Net salary as a part-time instructor excluding PAYG tax instalments of $2,000): 55,000 Subscription to professional joumals: 5500 Peter is a member of a private health fund Calculate Peter's taxable income for the income year explaining your treatment of each item in this question (10 marks)