w ammes . Question 3 (10 marka Ali and Sumura started a vertaling shop on spetsipath of the com $200.000 fund to the be The partnership agreement Both Al und Sumar o recte interest at the rate of spaas he capital contro Baperture will receive a salary of $85,000 for the management of the on, as well supermoto of $19.00 The romane in pod loss wir be thered Al Tom and Sumera The counts for this inconto your showing Income (5) Sim 95.000 Expens Cost of 155.000 Gottland Bu R300 BA 05.000 Canal Super 12000 200 Bot De CE Dod were Y . Omer de opening expenses Other details for the income your The part and sharing rate and furtara 30 - Trading codul 315.000 Trading stock on hand $10.000 Newcorded Lottery winning 30.000 Duty 16.000 Cardeduction 5.000 Red Car Austaus Incons for the income yearsing your treatment of the questione Onderweg med re FI . Question 3 (10 marks) Ali and Sumara started a retailing shop on a partnership. Each of them contributed $400,000 fund to the business. The partnership agreement provides: Both Ali and Sumara are to receive interest at the rate of 4% pa on their capital contribution Both partners will receive a salary of $65,000 for the management of the shop, as well as superannuation contributions of $19,600. The remainder in profit and loss will be shared Ali 70% and Sumara 30% The accounts for this income year show the following: o 865,000 Income ($) Sales Expenses ($) Cost of goods sold Interest on capital paid to Ali and Sumara in total Salary to Ali Concessional Superannuation to Ali Rent expense Bad Debt expense Other deductible operating expenses 356,000 8,000 105,000 12,000 28,000 21,000 59,000 Other details for the income year PDF Woolworths_annu...pdf 8 / 9 100% + DO De CULCAPONSO Other deductible operating expenses 2000 59,000 Other details for the income year: The partnership's profit and loss sharing ratio is: Ali 70% and Sumara 30% Trading stock on hand 1 July: $15,000 Trading stock on hand 30 June: $10,000 All's personal records disclose: Lottery winnings: $30,000 Dividend fully franked $15,000 General deductions : $5,600 Required: Calculate All's taxable income for the income year explaining your treatment of each item in this question, referring to sections of the relevant legislation, rulings and the relevant case law. (Google the question and copy the material from the internet is a serious academic misconduct and will result in O grade) w ammes . Question 3 (10 marka Ali and Sumura started a vertaling shop on spetsipath of the com $200.000 fund to the be The partnership agreement Both Al und Sumar o recte interest at the rate of spaas he capital contro Baperture will receive a salary of $85,000 for the management of the on, as well supermoto of $19.00 The romane in pod loss wir be thered Al Tom and Sumera The counts for this inconto your showing Income (5) Sim 95.000 Expens Cost of 155.000 Gottland Bu R300 BA 05.000 Canal Super 12000 200 Bot De CE Dod were Y . Omer de opening expenses Other details for the income your The part and sharing rate and furtara 30 - Trading codul 315.000 Trading stock on hand $10.000 Newcorded Lottery winning 30.000 Duty 16.000 Cardeduction 5.000 Red Car Austaus Incons for the income yearsing your treatment of the questione Onderweg med re FI . Question 3 (10 marks) Ali and Sumara started a retailing shop on a partnership. Each of them contributed $400,000 fund to the business. The partnership agreement provides: Both Ali and Sumara are to receive interest at the rate of 4% pa on their capital contribution Both partners will receive a salary of $65,000 for the management of the shop, as well as superannuation contributions of $19,600. The remainder in profit and loss will be shared Ali 70% and Sumara 30% The accounts for this income year show the following: o 865,000 Income ($) Sales Expenses ($) Cost of goods sold Interest on capital paid to Ali and Sumara in total Salary to Ali Concessional Superannuation to Ali Rent expense Bad Debt expense Other deductible operating expenses 356,000 8,000 105,000 12,000 28,000 21,000 59,000 Other details for the income year PDF Woolworths_annu...pdf 8 / 9 100% + DO De CULCAPONSO Other deductible operating expenses 2000 59,000 Other details for the income year: The partnership's profit and loss sharing ratio is: Ali 70% and Sumara 30% Trading stock on hand 1 July: $15,000 Trading stock on hand 30 June: $10,000 All's personal records disclose: Lottery winnings: $30,000 Dividend fully franked $15,000 General deductions : $5,600 Required: Calculate All's taxable income for the income year explaining your treatment of each item in this question, referring to sections of the relevant legislation, rulings and the relevant case law. (Google the question and copy the material from the internet is a serious academic misconduct and will result in O grade)
