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Taxation

   

Added on  2023-04-21

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Running head: TAXATION
Taxation
Name of the Student:
Name of the University:
Author’s Note
Taxation_1

1
TAXATION
Table of Contents
Answer to Question 1......................................................................................................................2
Answer to Question 2......................................................................................................................4
Reference.........................................................................................................................................7
Taxation_2

2
TAXATION
Answer to Question 1
The partnership business is considered for this part of the question to which is owned by
Daniel and Olivia Smith. The name of the business is Brekkie and Lunch and OZ Bottle Shop. It is
essential to compute all the concerned returns with the help of which the cash and the credit sales can
be understood in a proper manner. The computation of the partnership return is shown in the tables
which ate presented below:
Particulars Amount
Debtors at 1st July 2016
$
3,925.00
Debtors at 30th June 2017
$
3,010.00
Creditors at 1st July 2016
$
6,500.00
Creditors at 30th June 2017
$
7,010.00
Stock on hand 1st July 2016
$
9,120.00
Stock on hand 30th June
2017
$
9,750.00
Particulars Amount
Business Sales (Cash)
$
150,170.00
Business sales (Credit)
$
33,715.00
Total sales
$
183,885.00
Particulars Amount
Cash Purchases
$
31,155.00
Credit purchases
$
128,168.00
Total purchases
$
159,323.00
Taxation_3

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