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Sue, Prue, Lou and Emmet operate a transport company in the ratio 4:3:2:1. Their assessable income for the 2017/18 tax year amounted to $780,000 while they had $300,000 of deductions.
Their partnership agreement states that all profits and losses are to be shared in the ratio 4:3:2:1 after adjusting for partner's salaries, travel allowances and interest on capital.
The following data was extracted from their financial records:
Interest on Capital
Sue $ 12,000
Prue 15,000
Lou 5,000
Emmet 3,000
Partner's Salaries
Sue 65,000
Prue 50,000
Emmet 20,000
Travel Allowances
Sue 4,000
Emmet 6,000
Required:
Problem 1: Based on the above information, complete the table calculating each partner's share of partnership net income under the terms of the partnership agreement.
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