SelfTestQ_Partnership_ans (2)

# SelfTestQ_Partnership_ans (2) - BUSI 0018 Hong Kong...

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SelfTestQ_Partnership_ans 1 BUSI 0018 – Hong Kong Taxation Self Test Question – Partnership (Answers) Part (a) Partnership of Mr. R, Miss S and G Ltd Computation of Assessable Profit (Loss) Year of assessment 2002/03 2003/04 2004/05 Basis period, for the year ended 31.12.2002 31.12.2003 31.12.2004 \$ \$ \$ Net profits/loss per accounts (183,000) 16,000 88,000 Add: Salary to Miss S 50,000 52,000 54,000 Depreciation 6,000 7,000 8,000 Profits tax paid 67,000 - - (60,000) 75,000 150,000 Less: Depreciation allowance (5,000) (6,000) (7,000) Assessable profit (loss) (65,000) 69,000 143,000 Statement of Allocation of Partnership Profit (Loss) Y/A 2002/03 Partner Mr. R Miss S G Ltd Total P/L ratio 25% 25% 50% 100% \$ \$ \$ \$ Salary - 50,000 - 50,000 Share of balance (28,750) (28,750) (57,500) (115,000) (28,750) 21,250 (57,500) (65,000) Re-allocation 7,083 (21,250) 14,167 - . (21,667) - (43,333) (65,000) Loss set-off (S.19(5))* - . - . 43,333 43,333 Loss c/f (21,667) - . - . (21,667) * Transferred to G Ltd. and set-off against G Ltd.'s own net assessable profit S.19C(5))

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SelfTestQ_Partnership_ans (2) - BUSI 0018 Hong Kong...

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