Day 2. Adjusted Profit / Loss Computations

B5. Partnerships

a) Explain how the trading profit rules are adapted for partnerships.
b) Explain and show the effect of capital allowances on partnerships.
c) Demonstrate the effect of changes in partnerships
    i) change in profit sharing ratios 
    ii) new partners
    ii) departing partners.
d) Illustrate the loss relief claims available to individual partners.