In January 2019 Katrina buys an item of movable plant and machinery for use in her business.
Question:
In January 2019 Katrina buys an item of movable plant and machinery for use in her business. The plant costs her £50,000 and capital allowances are claimed. Compute the chargeable gain arising in March 2022 when she sells the plant, assuming that sale proceeds are:
(a) £65,000
(b) £38,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (1 review)
To compute the chargeable gain arising when selling the plant we need to know the system of capital ...View the full answer
Answered By
Charles mwangi
I am a postgraduate in chemistry (Industrial chemistry with management),with writing experience for more than 3 years.I have specialized in content development,questions,term papers and assignments.Majoring in chemistry,information science,management,human resource management,accounting,business law,marketing,psychology,excl expert ,education and engineering.I have tutored in other different platforms where my DNA includes three key aspects i.e,quality papers,timely and free from any academic malpractices.I frequently engage clients in each and every step to ensure quality service delivery.This is to ensure sustainability of the tutoring aspects as well as the credibility of the platform.
4.30+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
A company made the following disposals during the year to 31 March 2022: (a) A factory building was sold for 650,000 on 13 June 2021. This building had cost 300,000 in August 2000 (RPI 170.5) and was...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
You have been given the following algorithm. What does it return? Input: Array A [ 1 . . . [ 1 . . . n ] ] Output: ? ? ? ? out 1 1 for i 2 2 to n do if A [ [ i ] < ] < A [ [ out ] ] then out i return...
-
Jonathan and Jane are sitting in a sleigh that is at rest on frictionless ice. Jonathan's weight is 800 N, Jane's weight is 600 N, and that of the sleigh is 1000 N. They see a poisonous spider on the...
-
Find the final values of the time function f (t) if F(s) is given as F(s) = 10(s + 1) / (s + 2) (s + 3) F(s) = 10 / s2 + 4s + 4
-
Which of the following sequences of vertices is a Hamilton path for Graph \(Q\) in Figure 12.168? 1. \(a ightarrow d ightarrow b ightarrow c ightarrow e ightarrow g ightarrow f\) 2. \(c ightarrow b...
-
Chubbs Inc.s manufacturing overhead budget for the first quarter of 2017 contained the following data. Actual variable costs were indirect materials $13,500, indirect labor $9,500, utilities $8,700,...
-
Crane Beauty Corporation manufactures cosmetic products that are sold through a network of sales agents. The agents are paid a commission of 1 9 % of sales. The income statement for the year ending...
-
It is common for movie theaters to charge lower admissions for children than for adults, but theaters do not charge children and adults different prices for popcorn and soft drinks. Provide at least...
-
In June 2019 Katie acquired a 5-year option to buy a piece of land. The option cost her 10,000. In June 2021 she sold the option for 8,000. Compute the chargeable gain.
-
In January 2022 Karl sells a one-quarter interest in a chattel for 2,500. On the date of this sale, the remaining three-quarters interest is valued at 8,500. The chattel had cost Karl 3,850 in...
-
Which of the main models of international classification of accounting do you prefer? Explain your reasoning.
-
Assume there are no transactions costs. You currently pay 130 US-Dollars for 100 Euros. The continuously compounded US-Dollar interest rate is 1% and the continuously compounded Euro interest rate is...
-
Under what circumstances may Component procedures allow DoD Governmentwide Commercial Purchase Card (GPC) Ordering Officers to make purchases up to simplified acquisition threshold
-
While working for child protective services, you get a call from a neighbor of the Johnson family. She tells you that the three Johnson children, ages 15, 13, and 9, come home after school to an...
-
Period costs are the, A. same as manufacturing overhead costs. OB. product costs that must be paid in the accounting period in which they are incurred. O C. costs related to production of products....
-
For each of the following differential equations, find all equilibrium solutions (if any exist) and determine their stability. Then solve the differential equation (or initial value problem) by...
-
McKnight, Inc. manufactures bookcases and uses an activity- based costing system. McKnights activity areas and related data follow: McKnight produced two styles of bookcases in April: the standard...
-
The figure shows six containers, each of which is filled from the top. Assume that water is poured into the containers at a constant rate and each container is filled in 10 seconds. Assume also that...
-
A company calculates its corporation tax liability for the year to 31 August 2016 as 120,000 and pays this amount on 1 June 2017 . The company's corporation tax return is submitted during August 2017...
-
(a) A company calculates its corporation tax liability f or the year to 30 September 2017 as 250,000 and pays this amount on the due date. The correct liabi lity for the year eventually turns out to...
-
A company (which is not a member of a group) prepares a set of accounts for the year to 30 September 2017. Calculate the corporation tax liability for the year and state the date (or dates) on which...
-
Current Attempt in Progress The following information is taken from the 2 0 2 2 general ledger of Bramble Company. \ table [ [ Rent expense,$ 3 0 , 3 0 0
-
Arizona Corporation acquired the business Data Systems for $ 3 4 5 , 0 0 0 cash and assumed all liabilities at the date of purchase. Data s books showed tangible assets of $ 3 9 0 , 0 0 0 ,...
-
Rundle Company is a retail company that specializes in selling outdoor camping equipment. The company is considering opening a new store on October 1 , year 1 . The company president formed a...
Study smarter with the SolutionInn App