Dear Sir,
can you please explain following question
Morris, Sally and Bernard have been partners for many years sharing profits and losses
30:50:20 respectively. On 31 January 2020 Morris retired.
Tax adjusted trading profits for the years ended 31 May 2019 and 31 May 2020 were
£108,000 and £120,000 respectively.
Morris has unused overlap profits of £10,000.
Complete the following statement:
The trading profit assessable on Morris is
A £46,400
B £14,000
C £24,000
D £56,400
for the tax year 2019/20.
thanks