Fred and Sue carry on a partnership together with gross receipts for the current income year of $100,000. During the year the following payments were made: $ Purchases of trading stock20,000 Lease payments on two cars30,000 Stock on hand at the beginning of the income year was $6,000 and at the end of the year it was $6,600. Both cars were used for business purposes, but one of the cars is used by Fred 40% for private purposes. Required: What is the section 90 ITAA36 net income or partnership loss? Please show your calculations and refer to sections of legislation where appropriate
Fred and Sue carry on a partnership together with gross receipts for the current income year of $100,000. During the year the following payments were made: $ Purchases of trading stock20,000 Lease payments on two cars30,000 Stock on hand at the beginning of the income year was $6,000 and at the end of the year it was $6,600. Both cars were used for business purposes, but one of the cars is used by Fred 40% for private purposes. Required: What is the section 90 ITAA36 net income or partnership loss? Please show your calculations and refer to sections of legislation where appropriate
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Fred and Sue carry on a
$
Purchases of trading stock20,000
Lease payments on two cars30,000
Stock on hand at the beginning of the income year was $6,000 and at the end of the year it was $6,600.
Both cars were used for business purposes, but one of the cars is used by Fred 40% for private purposes.
Required: What is the section 90 ITAA36 net income or partnership loss? Please show your calculations and refer to sections of legislation where appropriate
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