question archive Flinders LLP is a limited partnership consisting of Mr Kent and Mr Jack Each of them contributed capital of S$190,000 and S$165,000 respectively
Flinders LLP is a limited partnership consisting of Mr Kent and Mr Jack Each of them contributed capital of S$190,000 and S$165,000 respectively
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Flinders LLP is a limited partnership consisting of Mr Kent and Mr Jack Each of them contributed capital of S$190,000 and S$165,000 respectively. Their profits and losses are shared based on equal ratios. Each of them has annual income of $105,000 (other) from their investments.
The following relates to profits/(losses) of LLP:
Adjusted profit/ (losses)
Year ended 31/12/17 -215,000
Year ended 31/12/18 -145,000
Year ended 31/12/19 133,000
On 1 October 2019, Mr Jack withdrew $82,000 capital from the business.
Required
Determine the assessable income for each partner for the years of assessment(s) a) 2018; b) 2019, and c) 2020
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