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Ronald and Graham formed a partnership on 6 April 2020. Ronald contributed capital
of £250,000 to the partnership. They agreed that Ronald should receive 3% interest on
capital per annum. The remaining profits and losses are to be shared 40:60 to Ronald
and Graham. They are both actively engaged in the partnership business.
Ronald had employment income of £150,000 in previous years but will only have
income from the partnership from 2020/21 onwards. Graham has savings income of
£20,000 per annum.
In the year to 5 April 2021, the partnership made a trading loss of £180,000.
Requirement
Explain the loss relief(s) available to Ronald and Graham.