*13.5 Cluppins and Raddle form a partnership on 1 November 2012, preparing accounts to 31 May each...
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*13.5 Cluppins and Raddle form a partnership on 1 November 2012, preparing accounts to 31 May each year. Bardell is admitted as a partner on I January 2014. Cluppins leaves the partnership on 28 February 2015 and Winkle is admitted as a partner on 1 March 2015.
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 2012 to 31 May 2013 60,000 year to 31 May 2014 120,000 year to 31 May 2015 30,000 year to 31 May 2016 80,000 Calculate each partner's trading income for 2012-13 through to 2016-17, identifying any overlap periods and profits.
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