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It might sound stupid but can someone explain me how the following is calculated:
Partnership with 3 partners sharing profits in the ratio 5:3:2.
The taxable profit is £31,600, so how the first partner gets £14,200, the second £14,080 and the third £3,320?Thank you
Are all the partners getting a full 12 months share of the profits?
On your figures i worked out that partner 1 gets £15,800 Partner 2 £ 9480 and partner 3 £6320
Is it something to do with basis periods?
Not sure what question you are talking about, i’ve just gone on you figure for profits and the ratio share!Exactly, these are the figures I got as well but according to the book it’s not the right answer.
It doesn’t mention anything about basis periods… I am so confused
I will need to see the question. Unfortunately, i haven’t got as far as P papers yet, i’m still going through F papers.
Need full question otherwise can’t be answered. You may have only given a piece of the puzzle in your question,
yea, there is nothing straight forward and simple in acca papers. three would be some pitfall to trap innocent kids.(:
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