ACC304: Taxation Law - Tax Practice Assignment - Assessment Answers
Solution Code: FBG
Question: Taxation Law Assignment
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Taxation Law Practice Assignment
Task
Pooled Resources
Peter and Frank’s business opened on 1 July 2014. The accounting profits and losses are to be
shared equally after adjusting for special partnership items. The following transactions were recorded
in the partnership’s cashbook in the year ended 30 June 2015.
Receipts $
Cash sales 220,000
Bank loan 55,000
Loan from Frank 45,000
Interest on drawings - Peter 500
Interest on drawings - Frank 750
Payments
Rent of shop and sundry expenses (all deductible) 35,000
Salary of part-time assistant 25,000
Salary of Peter 35,000
Salary of Frank 60,000
Superannuation contributions for assistant 250
Bank loan repayments – principal 2,800
Bank loan repayments – interest 1,500
Interest on capital - Peter 1,000
Interest on capital - Frank 1,000
Interest on loan from Frank 2,500
Drawings - Peter 6,000
Drawings - Frank 12,000
Purchase of trading stock 60,000
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