Calculate share of the partnership instalment income

Reference no: EM132694182

Question - Mrs Ashton has a son and they are in partnership. For the first quarter of the 2016/2017 income year the details were as follows

Sales (including GST) $44,000

Mrs Ashton's share of income from 2016/17 year was as follows;

Partnership gross income $170,000

Expenses $120,000

Net Profit $50,000

Share for Mrs Ashton 50%

Mrs Ashton had other instalments amounting to $53,150.

Required -

a) Calculate Mrs Ashton & her Son's share of the partnership's instalment income for the quarter

b) Identify the appropriate BAS Statement classifications (BAS box) for the following:

a. Sales including GST

b. GST

c. Instalment Income

Reference no: EM132694182

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