Sayadid started a small sundry shop on 1 February 2015 and named it as Payar Store. He closes the shop's account every 30 September each year. On 31 January 2017, he changed his accounting period to 31 December every year. As the business progress well, his close friend was interested to join the business and contributed some additional funds to this store. Eventually, he converted Payar Store into a Limited Liability Partnership on 1 December 2018 with a new accounting period ended on 30 April 2020. A. REQUIRED: Determine the basis period for Payar Store and the new Limited Liability Partnership for the relevant years of assessment until the year of assessment 2020.
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- Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $ Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties 115,000 Drawings 105,000 14,225,000 Net Loss 2,625,000 Notes to the Income Statement 1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain 2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual…Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $ Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties 115,000 Drawings Net Loss 2,625,000 105,000 14,225,000 Notes to the Income Statement $55,000 of the drawings…Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $ Revenue 11,600,000 Expenses Salaries & Wages 7,600,000 Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000 Interest 500,000 Maintenance 120,000 Depreciation 550,000 Loss on Disposal of Vehicle 80,000 Telephone 235,000 Electricity 255,000 General Expenses 700,000 Donations 85,000 Provision for Bad Debts 80,000 Fines and Penalties 115,000 Drawings 105,000 14,225,000 Net Loss 2,625,000 Notes to the Income Statement 1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain 2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual…
- Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021.In 2022, the partnership income statement for Shine & Rain was as follows:Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000Notes to the Income Statement1.$55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2.Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year.3.The annual allowance was $450,000.4.The…Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal…Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…
- Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest…Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal…Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021.In 2022, the partnership income statement for Shine & Rain was as follows:Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000Notes to the Income Statement1.$55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2.Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year.3.The annual allowance was $450,000.4.The…
- Part AMrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $ Revenue 11,600,000Expenses Salaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation…Part AMrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $ Revenue 11,600,000Expenses Salaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation…Part AMrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022$ $Revenue 11,600,000ExpensesSalaries & Wages 7,600,000Employer NIS Contribution 1,400,000 Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation 550,000Loss on Disposal of Vehicle 80,000Telephone 235,000Electricity 255,000General Expenses 700,000Donations 85,000Provision for Bad Debts 80,000Fines and Penalties 115,000Drawings 105,000 14,225,000Net Loss 2,625,000 Notes to the Income Statement1. $55,000 of the drawings relate to Mrs. Shine and $50,000 to Mr. Rain2. Gross Salary for Mrs. Shine was $250,000 per month, and $200,000 for Mr. Rain. Both partners worked in the business during the year. 3. The annual allowance was…