13.4 Wardle, Jingle and Trotter began trading on 1 October 2014, preparing accounts to 30 September each
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13.4 Wardle, Jingle and Trotter began trading on 1 October 2014, preparing accounts to 30 September each year and sharing profits in the ratio 7:2:1. Results for the first two years of trading are as follows;
y/e 30/9/15 y/e 30/9/16
£ £
Trading profit 117,460 136,540 Interest received gross 2,000 2,200 Interest received net (net amount received) 992 1,088
(a) Compute each partner's trading income for 2014-15, 2015-16 and 2016-17.
(b) Compute each partner's interest received gross for 2014-15, 2015-16 and 2016-17.
(c) Compute the gross amount of taxed interest on which each partner is charged to tax in 2015-16.
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