Problem: Bill and morris are partners conducting an operation.Their share of earning would be 50 percent to each partner after allowing , salary . the receipts were , 98000, fully franked dividend 7000, proceed from sales of telstrate sales 10000, .Pyments were salary of bill 20000 and morris 35000,interest on loan bill 2500. other dedectable expenses are 44000. tlestrate sal;es were acquoied during 2000, for cost of 2000. and are owned 50 /50mby the partners. Bill loned 25000 to the partnership to be used in the business activities , the interest was credited to his owners equity account, however he redirected the interest to the business . calculate the partners net income . and profit distribution to each partner. Calculate each partner assessable income .show numerical