REQUIRED:

Calculate the net income of the partnership, the partnership distribution of each partner and the taxable income of each partner.

Assume further that Leela earned no other income, but Bender earned a salary of $56,000 from his full-time job.

Answer must be in accordance to Australia law and tax regulation and standard

Bender and Leela are equal partners in a business partnership. They are both 22 years old. Leela works 5 days a week in the business while Bender only works on Saturdays. The income and expenses of the partnership are as follows