A firm with A, B and C as equal partners , furnished following information for the previous year 2008-2009.
profit from business ( after deducting the following amounts) 181000
!)SALARY to A 9000
2) Interest paid for non payment of sales tax 5000
3) interest on capital @ 12%
A 5000
B 4000
C 3000 12000
4) donation to university 2000
5) donation to a scientific research association 10500
(and after taking account the following incomes)
a ) long term capital gains 20000
b) interest on securities(gross) 29000
c)income from house property (computed) 14000
d) Dividends(gross) 10500
compute the taxable income of the firm and allocate it amongest the partners , the fim fulfills the conditions of sec. 184.