QUESTION 2 Hanim, Ivan and Neil form a partnership to venture into a trading business in Pahang. Due to some reasons, Ne

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Question 2 Hanim Ivan And Neil Form A Partnership To Venture Into A Trading Business In Pahang Due To Some Reasons Ne 1 (60.63 KiB) Viewed 50 times

QUESTION 2 Hanim, Ivan and Neil form a partnership to venture into a trading business in Pahang. Due to some reasons, Neil decided to withdraw from the partnership on 31st March 2020 and was immediately replaced by Syuhada. At the end of the basis period, the partnership reported provisional adjusted income of RM48,375. The partnership closes its account on 31st December annually. The terms of the partnership agreement are as follows: Capital contribution: Before 31st March 2020 After 1st April 2020 Salary per month: Before 31st March 2020 After 1st April 2020 Interest on capital (per annum) Profit sharing ratio: Before 31st March 2020 After 1st April 2020 1. 2. 3. Required: a) Hanim RM b) 30,000 30,000 3,000 3,000 10% 0.4 0.3 Ivan RM 30,000 30,000 3,000 3,000 10% 0.4 0.3 Neil RM 15,000 2,000 10% Additional information: Capital allowance claimed was RM5,000, including RM1,000 on Ivan's personal vehicle used solely by him in the partnership. Hanim received rental income of RM10,000 during the year. Ivan received interest income of RM6,000 from a fixed deposit he placed in Bank Islam during the year. 0.2 Syuhada RM 40,000 3,000 10% 2 Syuhada made a cash donation of RM3,000 to an approved institution on 1st December 2020. Determine the divisible income of the partnership for the year of assessment 2020. (4 marks) Calculate the total income for each partner for the year of assessment 2020. (11 marks) (Total: 15 marks)