*12.5 Cluppins and Raddle form a partnership on 1 November 2005, preparing accounts to 31 May each...

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*12.5 Cluppins and Raddle form a partnership on 1 November 2005, preparing accounts to 31 May each year. Bardell is admitted as a partner on 1 January 2007. Cluppins leaves the partnership on 29 February 2008 and Winkle is admitted as a partner on 1 March 2008.

Profits and losses are shared as follows:

Cluppins and Raddle 1:2 Cluppins, Raddle and Bardell 7:8:5 Raddle, Bardell and Winkle 4:3:1 Adjusted trading profits are:

£

1 November 2005 to 31 May 2006 6,000 year to 31 May 2007 12,000 year to 31 May 2008 3,000 year to 31 May 2009 8,000 Calculate each partner's trading income for 2005-06 through to 2009-10, identifying any overlap periods and profits.

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Taxation

ISBN: 978-0273730156

15th Edition

Authors: Alan Melville

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