Raymond started trading on 1 October 2016. He chose 31 March as his accounting dat e and
Question:
Raymond started trading on 1 October 2016. He chose 31 March as his accounting dat e and his first accounts were for the period from 1 October 2016 to 31 March 2017 . His purchases and sales of plant and machinery during the first two accounting periods were as follows:
Required:
Prepare a capital allowances computation for the period to 31 March 2017 and for the year to 31 March 2018.
Transcribed Image Text:
1 October 2016 1 October 2016 12 December 2016 18 January 2017 4 February 2017 12 April 2017 12 April 2017 25 November 2017 3 February 2018 Bought machinery Bought motor van (emissions 212g/km) Bought motor car (emissions 173g/km) Bought office equipment Bought motor car (emissions 122g/km) Sold car bought in February 2017 Bought motor car (emissions 130g/km) Sold machinery (cost 11,500 in October 2016) Bought machinery 130,000 16,200 18,600 4,800 9,200 9,600 15,500 8,300 30,000 There was 25% private use (by Raymond) of the motor car purchased in December 2016 but there was no private use of any of the other assets.
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To prepare a capital allowances computation for Raymonds business we need to consider several factors including the type and date of purchase of assets the emissions for vehicles sales of assets and a...View the full answer
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