Mock 1 Task 2
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sophie_612
Registered Posts: 136 Dedicated contributor 🦉
in Business Tax
Hi , please can anyone help me understand how they worked out the profit share for after 1 aug 20.
Thanks
Sophie
Thanks
Sophie
0
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Couple of steps : 1st Profit is split between the 2 periods
Up to July - 4/12 * 71460 = 23,820 Split for July 17865 , 5955
Up to August - 8/12 * 71460 = 47,640
The 47640 then needs to be adjusted for the salary and interest since this is part of the question it makes sense to work them out first.
Interest
15000 *0.03 *8/12 = 300
6000 * 0.02 *8/12 = 80
Salary
9000 * 8/12 = 6000
4500 * 8/12 = 3000
Profit
47460 - 300 - 80 -6000 -3000 = 38260
Apportion = 24869 , 13391
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