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Question - T&C Printing is a stationery store operated in partnership by Tim and Caitlin. The partnership agreement provides the following an annual salary of $38,500 to Caitlin for working full-time in the business interest to be paid at the rate of 15% on each partner's capital contribution with Tim contributing $90,000 and Caitlis $30,000 respectively.
Apart from the above. Tim and Caitlin otherwise share partnership profits equally. Tim loaned $15,000 to the business as working capital on 1 May 2019. Interest at the rate of 5% pa is paid on any loan made to the partnership.
The net profit of the partnership was $150,000 for the year ended 30 June 2021.
Required -
a) Calculate the s90 Adjusted Partnership Net income?
b) Calculate the distributable amount?
c) Calculate the profit distribution to each partner?
d) Calculate each partner's assessable income?
someone to please explain to me how to do this! I got this wrong on my homework and already have the answers
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