JFC SMITH 201336111

Spice Girls Taxable income:

R
Net Profit (given)
Income from trading ( in calculation in net profit )

258,861
0

No Exemption:
Interest
Dividends

0
0
0

no Deductions :
Interest expense s11(a)
Annuity s 11 (m)
Salaries s11 (a)

0
0
0
0

Add back:
Fund Contributions
s11(l) limited to 20% of the remmueration
6300 * 12 months *8 employees * 20%= 60480
137664-60480

233,509
77,184

Insurance Premuims
Premiums on partners' lives (are not deductible s 11(w)
75*3*12

2700

Depreciation (given)
s11( e ) wear and tear allowance 555 000/4 * 9/12
Bad Debts
Individual partners claim deduction
Taxable Income of partnership

41,625
-104,063
112,000
492,370