Reference no: EM132602108
Question - Tara and Neem are partners of T&N Enterprise and have been carrying on a business as taxi operators for many years. The partnership deed provides the following:
(1) Monthly salary of RM5,000 for each partner.
(2) 5% interest per annum to be paid to Tara and Neem on their respective capital contributions of RM100,000 and RM200,000.
(3) A profit sharing ratio of 75% for Tara and 25% for Neem.
Details of the partnership's income statement for the year ended 31 December 2018 are as follows:
RM
Provisional adjusted income 120,000
Capital allowances 10,000
Additional information
- Neem has a brought forward business loss of RM10,000 from the year of assessment 2017.
- Tara also runs a travel agency as a sole proprietorship. During the year of assessment 2018, the business made an adjusted loss of RM7,000.
Required - Compute the divisible partnership income or loss for both Neem and Tara, and also the total income of each partner for the year of assessment 2018.
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