Assume the company in question 46.11 pays tax at 40 per cent, on 30 September each year, nine months after the end of its financial period. The company receives 25 per cent writing-down allowances on the cost of equipment and will receive the allowances for 19X2 expenditure to be offset against the tax payable on the profits for 19X2. 100 per cent capital allowances were received on the old equipment sold in 19X3 and the receipts from the sale of the old equipment must, therefore, be treated as taxable income of 19X3. Show the impact on the cash flows of these tax items.? p-968