Unformatted text preview: Both Mr. R and Miss S do not intend to elect personal assessment in the all the years concerned. Required: (a) Compute the profits tax payable by the partnership real estate agency of Mr. R, Miss S and G Ltd. for all the years concerned. (Ignore provisional tax) (b) Compute the profits tax payable by G Ltd for all the years concerned. (Ignore provisional tax) (c) Assuming that Mr. R left the partnership on 30 September 2003 and thereafter Miss S and G Ltd share the P/L equally, prepare the statement of allocation of partnership profits/losses in respect of the year 2003/04. Check Figures: Part (a): Assessable profit/(loss) (Y/A 02/03, 03/04, 04/05): ($65,000) / $69,000 / $143,000 Tax payable (Y/A 02/03, 03/04, 04/05): Nil / $10,205 / $20,760 Part (b): Tax payable (Y/A 02/03, 03/04, 04/05): $20,266 / $29,750 / $29,750 Part (c): Tax payable (Mr. R, Miss S, G Ltd.): $Nil / $8,883 / $1,487...
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This note was uploaded on 02/23/2012 for the course BUSI 0018 taught by Professor C.ng during the Spring '11 term at HKU.
- Spring '11