- This topic has 1 reply, 2 voices, and was last updated 5 years ago by .
- You must be logged in to reply to this topic.
Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
Hello, In calculating CA, assuming there are assets used privately too by partners, do we prepare separate CA calculations for each partner individually and then deduct them from the allocated profits for each partner? Or just one calculation for all the items and deduct it to drive adjusted trading profit, and then allocate the profit to each partner?
Do we use the same logic/way in adding back and deducting the disallowed items and allowed items?
Capital allowances are deducted as normal from the adjusted trading profit of the partnership and the tax adjusted trading profit is then divided between the partners according to PSA in force during the accounting period