The statement of profit and loss of the partnership, Anita and Salwa Auditing, for the year ended 30 September 2021 is as follows. RM RM Gross income 300,000 Less: Revenue expenses (all tax deductible) (90,000) Depreciation (25,000) Partner’s salary Anita 25,000 Salwa 15,000 (40,000) 145,000 Interest on capital contribution Anita 1,500 Salwa 1,000 (2500) 142,500 Private expenses Anita 3,500 Salwa 5,500 (9,000) 133,500 Anita and Salwa each share partnership profit in equal proportion. Capital allowance for the year of assessment 2020 amounted to RM30,000. Required: Compute the Statutory Income in respect of the partnership business for individual partners Anita and Salwa.
The statement of profit and loss of the partnership, Anita and Salwa Auditing, for the year ended 30 September 2021 is as follows. RM RM Gross income 300,000 Less: Revenue expenses (all tax deductible) (90,000) Depreciation (25,000) Partner’s salary Anita 25,000 Salwa 15,000 (40,000) 145,000 Interest on capital contribution Anita 1,500 Salwa 1,000 (2500) 142,500 Private expenses Anita 3,500 Salwa 5,500 (9,000) 133,500 Anita and Salwa each share partnership profit in equal proportion. Capital allowance for the year of assessment 2020 amounted to RM30,000. Required: Compute the Statutory Income in respect of the partnership business for individual partners Anita and Salwa.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The statement of
|
|
RM |
RM |
|
Gross income |
|
300,000 |
|
Less: Revenue expenses (all tax deductible) |
|
(90,000) |
|
|
|
(25,000) |
|
Partner’s salary |
|
|
|
Anita |
25,000 |
|
|
Salwa |
15,000 |
(40,000) |
|
|
|
145,000 |
|
|
|
|
|
Interest on capital contribution |
|
|
|
Anita |
1,500 |
|
|
Salwa |
1,000 |
(2500) |
|
|
|
142,500 |
|
Private expenses |
|
|
|
Anita |
3,500 |
|
|
Salwa |
5,500 |
(9,000) |
|
|
|
133,500 |
Anita and Salwa each share partnership profit in equal proportion.
Capital allowance for the year of assessment 2020 amounted to RM30,000.
Required:
- Compute the Statutory Income in respect of the partnership business for individual partners Anita and Salwa.
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