state the allowable and disallowable expenses.

Note 7-Miscellaneous expenses Fine for speeding incurred by the company's messenger during worlking hours Cost of a delivery truck Fine in respect of late filing of corporation tax Defalcation by managing director 3,000 35,000 5,000 3,000 46,000 Note 8-Interest payable The interest payable figure includes $25,000 in respect of a 6% debenture loan used for trading purposes, the remaining amount relates to interest paid on behalf of a director on a loan for personal use S 6,000 Note 9- Capital Allowances On I January 2010, the written down values offixed assets were as follows Isukzu truck (original cost- $48,500) Plant and Machinery (original cost- $16,500) Computer (original cost- $5,500) $25,000 $9,500 S3,500 During the year ended 31 December 2010, the following occurred: Purchased a Nissan Sentra for $30,500 0 words " Type here to search