Game, Set and Match begin trading in partnership on 1 July 2022. They prepare accounts to 31
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Game, Set and Match begin trading in partnership on 1 July 2022. They prepare accounts to 31 December each year and share profits equally. However, with effect from 1 July 2023, they agree to share profits in the ratio 1:2:2. The adjusted trading profits/(losses) of the partnership are as follows:
Compute each partner's trading income for the tax years 2022-23 and 2023-24. Explain how the trading loss incurred in the year to 31 December 2024 will be treated.
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