Indicate the tax implications for the respective partners of the transactions for the 2018 year of assessment. INFORMATION: Pall and Mall were partners in a partnership business and share profits equally. On 1 June 2017 they admitted a new partner, Peter, to the partnership and also shared profits equally between the three. On 1 November 2017, Chester was admitted to the partnership and profits were also shared equally. The following transactions were recorded for the year ended 30 March 2018. R 1 May 2017 : Sales to Annhauser 24 000 1 July 2017 : Annhauser debt written off 6 000 1 December 2017 : Recoupment of Annhauser debt 6 000
Indicate the tax implications for the respective partners of the transactions for the 2018 year of assessment. INFORMATION: Pall and Mall were partners in a partnership business and share profits equally. On 1 June 2017 they admitted a new partner, Peter, to the partnership and also shared profits equally between the three. On 1 November 2017, Chester was admitted to the partnership and profits were also shared equally. The following transactions were recorded for the year ended 30 March 2018. R 1 May 2017 : Sales to Annhauser 24 000 1 July 2017 : Annhauser debt written off 6 000 1 December 2017 : Recoupment of Annhauser debt 6 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Indicate the tax implications for the respective partners of the transactions for the 2018 year of assessment.
INFORMATION:
Pall and Mall were partners in a
|
R |
|
|
1 May 2017 : Sales to Annhauser |
24 000 |
|
1 July 2017 : Annhauser debt written off |
6 000 |
|
1 December 2017 : Recoupment of Annhauser debt |
6 000 |
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