Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Viscount Ltd is small family business specializing in manufacturing small electronic components. Difficulties with their supply chains and lack of demand over the past

  

Viscount Ltd is small family business specializing in manufacturing small electronic components. Difficulties with their supply chains and lack of demand over the past year have greatly impacted their business and they have incurred a loss for the current financial year. The following results are for the four most recent accounting periods: Year Ending 30/6/19 Year 9 months Ending 31/3/20 105,500 Year Ending 30/6/18 Ending 31/3/21 (180,000) Trading profits/ (losses) 160,000 Chargeable 179,000 (3,000) 4,000 15,000 gains/losses Gift Aid donations 2,000 2,000 2,000 2,000 Required: i. Calculate Viscount Ltd's taxable total profits for each of the four periods, assuming that all possible claims are made to relieve the trading losses as early as possible. i. State the amounts of any losses carried forward as at 31 March 2020 and include a loss schedule as part of your answer.

Step by Step Solution

3.49 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

1 taxable profit for year ending ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

New Products Management

Authors: C. Merle Crawford, C. Anthony Di Benedetto

11th edition

007802904X, 978-0077729097, 77729099, 978-0078029042

More Books

Students also viewed these Accounting questions

Question

Be prepared to discuss your career plans.

Answered: 1 week ago