question archive Handy LLP is a limited partnership consisting of Mr Kent and Mr Jack
Handy LLP is a limited partnership consisting of Mr Kent and Mr Jack
Subject:LawPrice: Bought3
Handy 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 equalratios.. Each of them has annual income of $105,000 (other) from their investments.The following relates to profits/(losses) of LLP:Adjusted profit/ (losses)S$Year ended 31/12/17-215,000Year ended 31/12/18-145,000Year ended 31/12/19133,000On 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
