This paper circulates around the core theme of 1. List any amounts for which there is no present entitlement as at 30 June 2015; together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
• $3,000 was set aside to pay for any future veterinary care of the two ferrets “Butch” and
“Cassidy” which had belonged to David’s father, now deceased.
• $2,000 was paid for Peter’s university fees, books and a new lap-top computer.
• $1,500 was set aside to help pay for Oliver’s day care when he reaches 3 years of age.
• $500 was used to pay James’ speeding fines.
Required:
Showing all workings:
1. List any amounts for which there is no present entitlement as at 30 June 2015;
2. Determine the balance retained by the trustee as at 30 June 2015; and
3. Calculate the tax payable by the trustee for the year ended 30 June 2015.
David and Ruth’s business opened on 1 July 2014. The accounting profits and losses are to be
shared equally after adjusting for special partnership items. The following transactions were
recorded in the partnership’s cashbook in the year ended 30 June 2015.
1. Calculate the net income of the partnership for the year ended 30 June 2015; and
2. Distribute the net income of the partnership for the year ended 30 June 2015.
