Problem: Your client, Deepal, runs a family business structured as a partnership. Deepal and her husband Kumar are the partners. For the year ended 30 June 2012 the financial situation of the partnership was as follows: Receipts $ Sales 298,000 Rental income from investment property 22,000 Interest on deposits 1,200 Payments $ Purchases of trading stock 66,000 Opening stock at cost 20,000 Closing stock at cost 18,000 Interest on money borrowed for investment property 5,000 Rates on Investment property 2,500 Tax agent's fees 1,100 Travel to and from work 1,000 Plant for business with a life of 10 years 11,000 Laser printer for the business 250 Rental of business premises 52,000 Casual staff costs 15,000 Carried forward loss of the partnership from previous year $10,000 Calculate the net income of the partnership for the year ended 30 June 2012. Deepal and Kumar's partnership agreement provides that they share the income equally between them. Calculate their taxable income for the year ended 30 June 2012 assuming they earn no other income.