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Partnerships

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Partnerships

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Tax Tutor.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • January 11, 2022 at 9:17 pm #645699
    Varun.J.Thakkar
    Participant
    • Topics: 47
    • Replies: 50
    • ☆☆

    Nazim and Laura have been in partnership for many years, preparing accounts to 31 October
    each year and sharing profits equally.
    On 1 June 2020 Fabiola joined the partnership. The agreed profit sharing ratio was 2:2:1 to
    Nazim, Laura and Fabiola respectively.
    The adjusted trading profits for the accounting years ended 31 October 2020 and 2021 were
    £240,000 and £300,000 respectively.

    Dear tutor,
    What will be the assessable trading income for Fatima in the second tax year ie 2021-22?
    They have given £60000 (Basis of assessment- ye 31 october 2021).but i dont get it why
    Since 31 october 2020 doesnt fall in second tax year shouldnt the basis of assessment be 06/04/21 to 05/04/22

    I guess there’s some printing error..is it?
    Pls help
    Thanks

    January 14, 2022 at 4:08 pm #646059
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    .
    Have you worked through the relevant lectures and study notes that deal with this issue?
    I fear the errors are in what you have written above – not in whatever text you are using for your study!
    Firstly I presume that Fabiola / Fatima are the same person and secondly and most importantly it is not the year ended 31 October 2020 that is being assessed – it is the year ended 31 October 2021 which does end in the 2021/22 that is being assessed!

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