[5] Rashford Ltd is a UK resident company that manufactures motorcycles. The company's summarized profit and loss account for the year ended 31 March 2020 is as follows: Gross Profit 1,843,080 Operating expenses Irrecoverable debts [1] 44,720 Depreciation 166,640 Gifts and donations [2] 5.700 Professional fees [3] 29,800 Patent royalties [4] 14.400 Repairs and renewals 84,620 Other expenses (all allowable) 273,040 (618,920) 1,224,160 Other Operating income 49,400 Operating Profit 1,273,560 Income from investments Bank interest [71 5.600 Loan interest [8] 44,000 Dividends [9] 72.000 121,600 1,395,160 Interest payable [10] _190,000) Profit before taxation 1,305,160 Notes to the profit and loss account [6] [1] Irrecoverable Debts Irrecoverable debts are as follows: Trade debts written off Loan to customers written off 39,780 1,200 Rashford Ltd is a UK resident company that manufactures motorcycles. The company's summarized profit and loss account for the year ended 31 March 2020: Gross Profit 1,843,080 Operating expenses Irrecoverable debts [1] 44,720 Depreciation 166,640 Gifts and donations [2] 5,700 Professional fees [3] 29,800 Patent royalties [4] 14.400 Repairs and renewals [5] 84,620 Other expenses (all allowable) 273,040 (618,920) 1,224,160 Other Operating income [6] 49,400 Operating Profit 1,273,560 Income from investments Bank interest [7] 5.600 Loan interest [8] 44,000 Dividends [9] 72.000 121,600 1,395,160 Interest payable [10] (90,000) Profit before taxation 1,305,160 Notes to the profit and loss account| [1] Irrecoverable Debts Irrecoverable debts are as follows: Trade debts written off 39,780 Loan to customers written off 1,200 Increase in allowance for trade debtors 3,740 44.720 [2] Gifts and donations Gifts and donations are as follows: Donation to national charity (made under the Gift Aid Scheme) Donation to national charity (not made under the Gift Aid Scheme) Donation to local charity (Rashford Ltd received free advertising in The charity's magazine) Gifts to customers (food hampers costing 30 each) 3,600 200 100 1.800 5,700 [3] Professional Fees Professional fees are as follows: Accountancy and audit fee 8,200 Legal fees in connection with renewal of a 20-year property lease 4,800 Legal fees in connection with the issue of a Debenture Loan 16,800 29,800 [4] Patent Royalties The figure for patent royalties payable is calculated as follows: Accrued at 1 April 2019 Paid 31 July 2019 7,000 Paid 31 January 2020 4,600 Accrued at 31 March 2020 2,800 | 14.400 The above figures are all gross. The royalties were non-trade related and were payable to UK companies. [5] Repairs and Renewals The figure of 84,620 for repairs includes 12,400 for replacing part of a wall that was knocked down by a lorry, and 24,400 for initial repairs to an office building that was acquired during the year ended 31 March 2020. The office building was not usable until the repairs were carried out, and this fact was represented by a reduced purchase price. [6] Other Operating Income Other operating income consists of patent royalties derived from patents which the company registered in 2002 to protect a manufacturing technique it has developed. Royalties of 17,800 and 31,600 were received on 30 September 2019 and March 2020 respectively. These figures are gross, and income tax has not been deducted at source. The amount received are the amounts accrued in the 6 months to that date. [7] Bank interest received The bank interest was received on 31 March 2020. The bank deposits are held for non-trading purposes. [8] Loan interest received The figure for loan interest received is calculated as follows: Accrued at 1 April 2019 (11,000) Received 30 June 2019 22,000 Received 31 December 2019 22,000 Accrued at 31 March 2020 11,000 44,000 The above figures are all gross. The loan was for non-trading purposes. [9] Dividends received The dividends were received from UK companies. The figure of 72,000 is the actual amount received. [10] Interest payable Rashford Ltd raised a debenture loan on 1 July 2019. The loan was for trading purposes. Interest of 60,000 was paid on 31 December 2019, and 30,000 was accrued at 31 March 2020. [11] Plant and machinery On 1 April 2019 the tax written down value of the general pool of plant and machinery was 105,600. There were no purchases or sales of plant and machinery during the year ended 31 March 2020. [12] Other information Rashford Ltd has no associated or subsidiary companies. Required: (a) Calculate Rashford Ltd's tax adjusted profit for the year ended 31 March 2020 (10 marks) (b) Calculate the corporation tax payable by Rashford Ltd for the year ended 31 March 2020 (3 marks) (c) What is the due date of the corporation tax? (2marks) ( 15 marks) [5] Rashford Ltd is a UK resident company that manufactures motorcycles. The company's summarized profit and loss account for the year ended 31 March 2020 is as follows: Gross Profit 1,843,080 Operating expenses Irrecoverable debts [1] 44,720 Depreciation 166,640 Gifts and donations [2] 5.700 Professional fees [3] 29,800 Patent royalties [4] 14.400 Repairs and renewals 84,620 Other expenses (all allowable) 273,040 (618,920) 1,224,160 Other Operating income 49,400 Operating Profit 1,273,560 Income from investments Bank interest [71 5.600 Loan interest [8] 44,000 Dividends [9] 72.000 121,600 1,395,160 Interest payable [10] _190,000) Profit before taxation 1,305,160 Notes to the profit and loss account [6] [1] Irrecoverable Debts Irrecoverable debts are as follows: Trade debts written off Loan to customers written off 39,780 1,200 Rashford Ltd is a UK resident company that manufactures motorcycles. The company's summarized profit and loss account for the year ended 31 March 2020: Gross Profit 1,843,080 Operating expenses Irrecoverable debts [1] 44,720 Depreciation 166,640 Gifts and donations [2] 5,700 Professional fees [3] 29,800 Patent royalties [4] 14.400 Repairs and renewals [5] 84,620 Other expenses (all allowable) 273,040 (618,920) 1,224,160 Other Operating income [6] 49,400 Operating Profit 1,273,560 Income from investments Bank interest [7] 5.600 Loan interest [8] 44,000 Dividends [9] 72.000 121,600 1,395,160 Interest payable [10] (90,000) Profit before taxation 1,305,160 Notes to the profit and loss account| [1] Irrecoverable Debts Irrecoverable debts are as follows: Trade debts written off 39,780 Loan to customers written off 1,200 Increase in allowance for trade debtors 3,740 44.720 [2] Gifts and donations Gifts and donations are as follows: Donation to national charity (made under the Gift Aid Scheme) Donation to national charity (not made under the Gift Aid Scheme) Donation to local charity (Rashford Ltd received free advertising in The charity's magazine) Gifts to customers (food hampers costing 30 each) 3,600 200 100 1.800 5,700 [3] Professional Fees Professional fees are as follows: Accountancy and audit fee 8,200 Legal fees in connection with renewal of a 20-year property lease 4,800 Legal fees in connection with the issue of a Debenture Loan 16,800 29,800 [4] Patent Royalties The figure for patent royalties payable is calculated as follows: Accrued at 1 April 2019 Paid 31 July 2019 7,000 Paid 31 January 2020 4,600 Accrued at 31 March 2020 2,800 | 14.400 The above figures are all gross. The royalties were non-trade related and were payable to UK companies. [5] Repairs and Renewals The figure of 84,620 for repairs includes 12,400 for replacing part of a wall that was knocked down by a lorry, and 24,400 for initial repairs to an office building that was acquired during the year ended 31 March 2020. The office building was not usable until the repairs were carried out, and this fact was represented by a reduced purchase price. [6] Other Operating Income Other operating income consists of patent royalties derived from patents which the company registered in 2002 to protect a manufacturing technique it has developed. Royalties of 17,800 and 31,600 were received on 30 September 2019 and March 2020 respectively. These figures are gross, and income tax has not been deducted at source. The amount received are the amounts accrued in the 6 months to that date. [7] Bank interest received The bank interest was received on 31 March 2020. The bank deposits are held for non-trading purposes. [8] Loan interest received The figure for loan interest received is calculated as follows: Accrued at 1 April 2019 (11,000) Received 30 June 2019 22,000 Received 31 December 2019 22,000 Accrued at 31 March 2020 11,000 44,000 The above figures are all gross. The loan was for non-trading purposes. [9] Dividends received The dividends were received from UK companies. The figure of 72,000 is the actual amount received. [10] Interest payable Rashford Ltd raised a debenture loan on 1 July 2019. The loan was for trading purposes. Interest of 60,000 was paid on 31 December 2019, and 30,000 was accrued at 31 March 2020. [11] Plant and machinery On 1 April 2019 the tax written down value of the general pool of plant and machinery was 105,600. There were no purchases or sales of plant and machinery during the year ended 31 March 2020. [12] Other information Rashford Ltd has no associated or subsidiary companies. Required: (a) Calculate Rashford Ltd's tax adjusted profit for the year ended 31 March 2020 (10 marks) (b) Calculate the corporation tax payable by Rashford Ltd for the year ended 31 March 2020 (3 marks) (c) What is the due date of the corporation tax? (2marks) ( 15 marks)