terest Whether it is described as profit share, the total allocated to a partner is assessable as trading profit lustration 1- The allocation of profits and losses 25,000, 5% interest on capital balances at the start of the accounting partnership agreement provides that each should take a salary of Phil and Dan have been in partnership for a number of years. The period and then split the profit remaining 60:40 in Phil's favour. Calculate the trading income assessable for each partner for the tax year 2020/21, if the tax adjusted trading profits for the year ended 30 September 2020, were 74,000. Their respective capital balances at 1 October 2019, were Phil Dan 75,000 60,000