Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
What is the basis period for Felix's final tax year (2023/24)?
ACCA · Question 18 · Income tax and national insurance contributions
Section B - Case 1: Quantum Aquatics
Zara and Felix run 'Quantum Aquatics', a partnership specializing in hydro-electric turbine maintenance. They share profits in the ratio 3:2. The partnership has always prepared accounts to 31 December. On 30 September 2023, Felix retired, and Zara continued as a sole trader. The partnership's tax adjusted trading profit for the 9-month period to 30 September 2023 was £90,000.
How much of the £90,000 trading profit is allocated to Felix for the period to 30 September 2023?
Answer options:
£54,000
£45,000
£36,000
£27,000
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