Question 19.1 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) Not deductible 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 share partnership profits equally . Trading stock on hand 1 July: $10,000 Receipts . Trading stock on hand 30 June: $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 Peter's taxable income for the income year explaining your treatment of each item in this