Question 2 Taxation of Partnership 15 Marks Donald, Ronald and Mick started a supermarket business in Fiji under a partnership agreement stating profit & Loss sharing ratio of 6:3:1. During the financial year of 2020 the following transactions has taken place amounting to: $ Sales Sales Returns Purchases Interest on investment Advertising Fuel-Motor Vehicle (For vehicles used in business) Depreciation (For assets used in business) Telephone Goodwill Amortized Freight Inwards Utility Rent (For renting the shop space) FNPF Salaries & Wages Discount Received Purchase Returns Bank Charges Interest on mortgage Accrued Expenses Insurance Premiums Miscellaneous Expenses Income Tax Payable Additional Information 3,500,000 69,050 1,560,000 35 000 27,000 18,500 35,000 14,500 6 000 2 000 12,000 130,000 55,000 370,000 3 500 50 000 9 000 12,500 5 500 8 000 10,000 15 000 . . Closing stock 31/12/2020 $107,000 Opening stock 1/1/2020 $45,000 Tax Rate 20% Donald and Mick are resident of Fiji and Ronald is a non-resident partner. . Required: 1. Prepare the Profit and loss statement of partnership business. 2. Calculate Tax Liability of each partner for the year 2020. (10 Marks (5 Marks The End