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 Jili) 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 30% to Peter and 70% to Jill. Required: a. Calculate the partnership net income/loss and b. calculate the allocation to partners. 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 Jili) 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 30% to Peter and 70% to Jill. Required: a. Calculate the partnership net income/loss and b. calculate the allocation to partners