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Ans 12. Partnership

Ans 12. Partnership - 44,375 Specific provision of bad debt...

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TA_U12_Partnership 1 BUSI 0018 – Hong Kong Taxation Tutorial Questions Unit 12 – Partnership Answer 29 X Y & Co. Computation of Assessable Profit For The Year of Assessment 2009/10 Basis Period: year ended 31 March 2010 Net Profit per account 39,400 Add: Salaries and wages to partner/partner’s s spouse 20,000 Fine 4,260 General provision for bad debt 4,000 Depreciation 25,000 Sundry expenses (initial purchase of loose tools) 1,500 54,760 94,160 Less: Depreciation allowances
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Unformatted text preview: 44,375 Specific provision of bad debt 8,000 52,375 Assessable profit 41,785 Statement of Allocation of Partnership Profits/Losses Year of Assessment 2009/10 Total Mr. X Mr. Y (Applying for P.A.) (Not Applying for P.A.) Salaries 20,000 15,000 5,000 Share of balance 21,785 10,892 10,893 41,785 25,892 15,893 Transferred to PA (25,892) (25,892)-Net AP for Partnership 15,893-15,893 Tax rate applicable: N/A 15% Profits tax payable 2,384- 2,384...
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  • Spring '11
  • C.Ng
  • Expense, Generally Accepted Accounting Principles, Hong Kong Taxation, debt Depreciation Sundry, Tutorial Questions Unit, Fine General provision

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