Running head: TAXATION Taxation Name of the Student: Name of the University: Author’s Note
1 TAXATION Table of Contents Answer to Question 1......................................................................................................................2 Answer to Question 2......................................................................................................................4 Reference.........................................................................................................................................7
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: ParticularsAmount 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 ParticularsAmount Business Sales (Cash) $ 150,170.00 Business sales (Credit) $ 33,715.00 Total sales $ 183,885.00 ParticularsAmount Cash Purchases $ 31,155.00 Credit purchases $ 128,168.00 Total purchases $ 159,323.00
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