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please somebody help fast UNIVERSITY 347 QUESTION 2 You are presented with the accounts of Chorley Ltd for the year to 31 December 2020 (see
please somebody help fast
UNIVERSITY 347 QUESTION 2 You are presented with the accounts of Chorley Ltd for the year to 31 December 2020 (see below). Chorley Ltd runs a small printing business and the managing director wishes to know the amount of the companies' Adjusted trading profit for the year ended 31 December 2020. Gross profit from trading 25,620 Profit on sale of business premises (1) 1.750 27,370 Advertising 642 Irrecoverable Debts 75 Depreciation 2.381 Light and heat 372 Miscellaneous expenses (2) Motor car expenses (3) 555 Rates 1,057 Repairs and renewals (4) 2,598 Staff wages (5) 12.124 Telephone 351 20.502 Profit before tax 6.868 Notes The profit on the sale of premises relates to the sale of a small freehold industrial unit in which the company stored paper before building the extension. Miscellaneous expenses included: Subscription to Printers' Association 45 Contribution to local Enterprise Agency 50 Gifts to customers: Company calendars costing 7.50 each 75 Two food hampers A director uses the motor car 75% for business purposes and 25% for private purposes. Repairs and renewals comprise the following expenditure: Refurbishing second hand pressbefore it could be usedinthe business 522 Redecorating administration offices 429 Building extension to enlarge paper store 1,647 2.598 Staff wages includes an amount of 182 for a staff Christmas lunch. Required: Calculate Chorley Ltd.'s tax liability for year ended 31 December 2019. You should indicate by the use of zero any items in the accounts for which no adjustment is required when adjusting the profit. (Total Marks = 28 Marks) 95 Step by Step Solution
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