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this is all i have Adam and Mandeep are in a partnership in retailng compuler accessories. The partnership records, exclusive of GST, for this income
this is all i have
Adam and Mandeep are in a partnership in retailng compuler accessories. The partnership records, exclusive of GST, for this income year, disclose: Other detals: - Adam and Mandeep share partnership profits equally - Trading stock on hand 1 July: $25,000 - Trading stock on hand 30 June: $30,000 - Adam's personal records disclose: - Gambling winnings: $10,000 - Net salary as a part-lime instructor (excluding PAYG taxinstalments of $6,000 ) $20,000 - Subscription to professionat joumals: $3,500 - Adam is a member of a private health fund Calculate Adam's taxable income for the income year explaining your treatment of each item in this question. Adam and Mandeep are in a partnership in retailing computer accessories. The partnership records, exclusive of GST, for this income year, disclose: Other details: - Adam and Mandeep share partnership profits equally - Trading stock on hand 1 July: $25,000 - Trading stock on hand 30 June: $30,000 - Adam's personal records disclose: - Gambling winnings: \$10,000 - Net salary as a part-time instructor (excluding PAYG tax instalments of $6,000 ): $20,000 - Subscription to professional journals: $3,500 - Adam is a member of a private health fund Calculate Adam's taxable income for the income year explaining your treatment of each item in this Step by Step Solution
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