Peter and Jill are in a partnership as retailers of electrical goods

Peter and Jill are in a partnership as retailers of electrical goods. The partnership records, exclusive of GST, for this income year disclose: Receipts ($): 400,000 Gross receipts from trading Payments ($): 200,000 Purchases of trading stocks 20,000 Partners' drawings ($5,000 to Peter and $15,000 to Jill) 4,000 Interests paid to partners' capital contribution ($1,000 to Peter and $3,000 to Jill) 50,000 Partners' salaries( $30,000 to Peter and $20,000 to Jill) 2,000 Interest on cash advance made to the partnership by Peter 60,000 Salaries for employees and rent paid 2,000 Legal expenses in recovering bad debts Other details: • Peter and Jill will receive partners' salaries and other benefits according to the partnership's agreement and the remainder will be shared 40% to Peter and 60% to Jill. • Trading stock on hand 1 July: $25,000 • Trading stock on hand 30 June: $20,000 • Peter's personal records disclose: • Gambling winnings: $2,000 • Net salary as a part-time instructor (excluding PAYG tax instalments of $2,000): $5,000 • Subscription to professional journals: $500 Peter is a member of a private health fund. Calculate the partnership net income/loss and the allocation to partners, .