Carmen starts trading on 1 July 2019 and chooses 30 June as her annual accounting date. Identify
Question:
Carmen starts trading on 1 July 2019 and chooses 30 June as her annual accounting date.
Identify the basis periods for her last two tax years if she ceases trading as follows:
Transcribed Image Text:
(a) Date of cessation 31 March 2020 (b) 30 June 2020 (c) 30 June 2024 (d) 31 May 2024 (e) 30 April 2024 Final set of accounts 9 months to 31 March 2020 year to 30 June 2020 year to 30 June 2024 11 months to 31 May 2024 22 months to 30 April 2024
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
a Trade both commences and ceases in 201920 The basis period for this ...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Carl begins trading on 1 July 2019 and chooses 30 June as his accounting date. His tax-adjusted trading profits/(losses) for the first two accounting years are as follows: Now that he is...
-
(a) Gary began trading many years ago, preparing accounts to 30 September each year. He decided to change his accounting date to 30 June and the first accounts made up to the new date were for the...
-
Greta commences trading on 1 January 2020 and chooses 30 June as her annual accounting date. Her first accounts are made up for the 18 months to 30 June 2021 and show an adjusted trading profit of...
-
The Secretary of Defense shall establish which program to maintain liaison with industry advisory groups to coordinate the development of the supply catalog?
-
A car is approaching a hill at 30.0 m/s when its engine suddenly fails just at the bottom of the hill. The car moves with a constant acceleration of -2.00 m/s2 while coasting up the hill. (a) Write...
-
Caterpillar Inc. (CAT) produces and sells various types of equipment, including tractors, loaders, and mining equipment. The following data (in millions) were adapted from recent financial statements...
-
for determining whether operations have been discontinued and the problems that might arise in applying them. 5 Annual accounts have been put into such a straitjacket overemphasis on uniform...
-
The Northern Division of Shea Corporation makes and sells tables and beds. The following estimated revenue and cost information from the divisions ABC system is available for 2013. Additional...
-
Let S be the triangle with vertices (0,1), (-1,0) and (1,0) in R2. Find the polar S of S.
-
Damien starts trading on 1 July 2015 and chooses 31 December as his annual accounting date. He ceases trading on 30 September 2020 and has the following results: Compute Damien's trading income for...
-
Albert begins trading on 1 May 2019 and has adjusted trading profits as follows Compute Albert's trading income for each of the first three tax years and also calculate the amount of any overlap...
-
The use of both alcohol and tobacco by high school seniors has declined in the last 30 years. Alcohol use is down from 68.2 to 43.1%, and the use of cigarettes by high school seniors has decreased...
-
1.A business sells one product.The product sells for $300 per unit and the variable costs are $210 per unit.The fixed costs are $900,000.The business expects sales revenue of $4,000,000. Calculate...
-
Armstrong Company's bonds have 7% coupon rate. These bonds pay interest semi-annually and will mature after 12 years. In the bond market. The face value for each bond is $1,000. What is the value of...
-
Determine unknown force 'F' using D'Alembert's Principle. The friction resistance is 10,000N and the acceleration of the mass is 8m/s^2, consider 'g' as 9.81m/s^2.
-
Assume CAPM holds. The market portfolio has an expected return of 10 percent and a standard deviation of 25 percent. Stock A has an expected return of 7 percent, a beta of 0.60, and a standard...
-
In a meeting of mimes, mime 1 goes through a displacement d = displacement = (-9.42 m ) + (5.6 m d 2 1 component of d along the direction of d 2? Give your answers in standard Sl units. 1.92 m )i + +...
-
Periodic reporting adds complexity to accounting by requiring estimates, accruals, deferrals, and allocations. Interim reporting creates even greater difficulties in matching revenue and expenses....
-
Two mutually exclusive investment alternatives are being considered. Alternative A requires an initial investment of $20,000 in a machine. Annual operating and maintenance costs are anticipated to be...
-
(a) Distinguish between research expenditure and development expenditure. (b) Explain the accounting treatment required by IAS38 in relation to each of these types of expenditure. (c) During the year...
-
(a) Define the term "investment property". Explain why it is not generally appropriate to charge depreciation in relation to such a property. (b) Give three examples of properties (land or buildings)...
-
(a) In relation to property, plant and equipment, define the terms "depreciation", "depreciable amount", "useful life" and "residual value". (b) On 1 July 2019, a company which prepares financial...
-
On January 1, 2019, Oswald Industries purchased $900,000 of 10% bonds of Wagner Enterprises. Oswald paid $846,225 for the bonds, which will mature January 1, 2029. Interest on the bonds is payable...
-
Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts. (Round percentage answers to 1 decimal place, e.g. 527.5.) Assets Cash $23,635 % Accounts...
-
Cane Company manufactures two products called Alpha and Beta that sell for $155 and $115, respectively. Each product uses only one type of raw material that costs $6 per pound. The company has the...
Study smarter with the SolutionInn App