Wardle, Jingle and Trotter began trading on 1 October 2022, preparing accounts to 30 September each year
Question:
Wardle, Jingle and Trotter began trading on 1 October 2022, 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:
(a) Compute each partner's trading income for 2022-23 and 2023-24.
(b) Compute each partner's bank interest for 2022-23 and 2023-24.
(c) Compute the gross amount of the loan interest on which each partner is charged to tax in 2023-24.
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a Trading profit of 117460 for the year to 30 September 2023 is allocated War...View the full answer
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