88600128 2013-1-2 23:30
請各位幫忙指導一下吧, 唔該各位.:'):'):')
[size=11pt]Woody, Martin and Manson commenced apartnership garment manufacturing business on 1 April 2010. As the business hadbeen operating at a loss for two consecutive years and the partners could notagree upon the future business direction, they decided to terminate thebusiness on 31 March 2012. [/size][size=11pt]The trading results were as follows: [/size][font="][size=12.0pt][/size][/font]
[table][tr][td=2,1,209] [size=11pt]Year to 31 March 2011 [/size]
[/td][td=2,1,209] [size=11pt]Year to 31 March 2012 [/size]
[/td][/tr] [tr][td=1,1,140] [size=11pt]Net trading profit (loss) [/size]
[/td][td=2,1,140] [size=11pt]($150,200) [/size]
[/td][td=1,1,140] [size=11pt]($60,000) [/size]
[/td][/tr] [tr][td=4,1,419] [size=11pt]These figures are arrived at after charging the following expenses: [/size]
[/td][/tr] [tr][td=2,1,209] [size=11pt]Year to 31 March 2011 [/size]
[/td][td=2,1,209] [size=11pt]Year to 31 March 2012 [/size]
[/td][/tr] [tr][td=2,1,209] [size=11pt]$ [/size]
[/td][td=2,1,209] [size=11pt]$ [/size]
[/td][/tr] [tr][td=1,1,140] [size=11pt]i Rent and rates [/size]
[/td][td=2,1,140] [size=11pt]90,000 [/size]
[/td][td=1,1,140] [size=11pt]90,000 [/size]
[/td][/tr] [tr][td=1,1,140] [size=11pt]ii Salaries and wages [/size]
[/td][td=2,1,140] [size=11pt]240,000 [/size]
[/td][td=1,1,140] [size=11pt]260,000 [/size]
[/td][/tr] [tr][td=1,1,140] [size=11pt]iii Electricity and water [/size]
[/td][td=2,1,140] [size=11pt]60,000 [/size]
[/td][td=1,1,140] [size=11pt]80,000 [/size]
[/td][/tr] [tr][td=1,1,140] [size=11pt]iv Repairs and maintenance [/size]
[/td][td=2,1,140] [size=11pt]90,000 [/size]
[/td][td=1,1,140] [size=11pt]28,000 [/size]
[/td][/tr] [tr][td=1,1,140] [size=11pt]v General expenses [/size]
[/td][td=2,1,140] [size=11pt]50,000 [/size]
[/td][td=1,1,140] [size=11pt]20,000 [/size]
[/td][/tr] [tr][td=1,1,140] [size=11pt]vi Depreciation [/size]
[/td][td=2,1,140] [size=11pt]50,000 [/size]
[/td][td=1,1,140] [size=11pt]50,000 [/size]
[/td][/tr][tr][td=1,1,140][/td][td=1,1,70][/td][td=1,1,70][/td][td=1,1,140][/td][/tr][/table]
Additional information about the aboveexpenses is as follows:
a Salaries and wages
[font="]–[/font]Includes monthly salaries of $3,000 paidto Woody and $1,800 paid to Martin throughout the period.
b Repairs and maintenance
[font="]–[/font]For the year ended 31 March 2011, $90,000includes the cost of furniture of $40,000, which ranks for depreciationallowance of 20%, and the balance being the cost of decoration of the office.The expenditure for the year ended 31 March 2012 is fully allowable.
c General expenses
[font="]–[/font]The general expenses for the year ended31 March 2011 include legal fees of $10,000 in connection with the formation ofthe partnership. The remaining portion is all allowable.
d Depreciation
[font="]–[/font]Upon the establishment of the business,sewing machines costing $160,000 and a van costing $40,000 were purchased forbusiness use. The depreciation allowance rate is 30% for both assets. Oncessation, the sewing machines and the van were sold at a price of $80,000 and$10,000 respectively.
The furniture was of no value.
The partners agreed to share the profit andloss equally after charging the salaries to Woody and Martin.
Required:
a Determine the depreciation allowances,including balancing charges and balancing allowances where appropriate,available to [size=11pt]Woody[/size], [size=11pt]Martin[/size], and [size=11pt]Manson[/size] for the yearsof assessment 2010/11 and 2011/12.
b Ascertain the profits tax payable andpartners’ share of profit or loss for the years of assessment 2010/11 and2011/12.
fb2d905c69ae04 2022-8-31 11:04
[quote]原帖由 [i]88600128[/i] 於 2013-1-2 23:30 發表 [url=https://www.discuss.com.hk/redirect.php?goto=findpost&pid=350909710&ptid=21331193][img]https://www.discuss.com.hk/images/common/back.gif[/img][/url]
請各位幫忙指導一下吧, 唔該各位.:'):'):')
Woody, Martin and Manson commenced apartnership garment manufacturing business on 1 April 2010. As the business hadbeen operating at a loss for two consecutive years and th ... [/quote]
a. Consider both R&M and FA addition. 1st time Decoration of office should be subject to CBA.
b. Calculate the tax computation of the partnership first, and share the adjusted losses using profit sharing ratio and adjusted by salary to partners afterwards.