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Question 7.2: Compute trading income Here is the statement of profit or loss of Graham, a trader, for the year ended 5 April 2023. (23,300)

image text in transcribed Question 7.2: Compute trading income Here is the statement of profit or loss of Graham, a trader, for the year ended 5 April 2023. (23,300) Net profit 7,900 Additional information 1). Entertaining comprised f2,500 for customers entertaining and f500 for staff entertaining 2). Wages and salaries comprised 10,000 for Graham and f5,000 for Graham's wife, Nana. Nana worked part-time in Graham's business and the same salary would have been payable to an unconnected employee. 3). Graham uses the car 20% privately Required: Assess adjusted taxable trade profit of Graham. You should start with the net profit figure of f7,900 and indicate by the use of zero (0) any items which do not require adjustment

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