4 Morris, Sally and Bernard have been partners for many years sharing profits and losses 30:50:20 respectively. On 28 February 2015 Morris retired. Tax adjusted profits for the years ended 30 June 2014 and 30 June 2015 were £108,000 and £120,000 respectively. Morris has unused overlap profits of £10,000. What is the trading profit assessable on Morris for 2014/15? A £46,400 B £24,000 C £24,000 D £56,400
You need to work through the lectures on partnerships in Chapter 8 – most notably the section on changes in partners. In addition by the dates on this example you are clearly using out of date material – you must use an Exam Kit / Revision Question Bank for FA 2019!