ACC304: Taxation Law - Tax Practice Assignment

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Question: Taxation Law Assignment

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Taxation Law Practice Assignment

Task Pooled Resources Peter and Frank’s business opened on 1 July 2014. The accounting profits and losses are to be shared equally after adjusting for special partnership items. The following transactions were recorded in the partnership’s cashbook in the year ended 30 June 2015. Receipts $ Cash sales 220,000 Bank loan 55,000 Loan from Frank 45,000 Interest on drawings - Peter 500 Interest on drawings - Frank 750 Payments Rent of shop and sundry expenses (all deductible) 35,000 Salary of part-time assistant 25,000 Salary of Peter 35,000 Salary of Frank 60,000 Superannuation contributions for assistant 250 Bank loan repayments – principal 2,800 Bank loan repayments – interest 1,500 Interest on capital - Peter 1,000 Interest on capital - Frank 1,000 Interest on loan from Frank 2,500 Drawings - Peter 6,000 Drawings - Frank 12,000 Purchase of trading stock 60,000

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