Laura started a business on 1 May 2016, preparing accounts to 30 April . Her adjusted trading
Question:
Laura started a business on 1 May 2016, preparing accounts to 30 April . Her adjusted trading profit for the year to 30 April 2017 (before deduction of capital allow ances) was
£263,150. Her purchases of plant and machinery during the year were as follows:
Compute her trading income for the first two tax years, assuming 40% private use of the car by Laura. Also compute the amount of any overlap profits.
Transcribed Image Text:
1 May 2016 1 May 2016 12 July 2016 27 February 2017 Bought machinery Bought motor car (emissions 148g/km) Bought machinery Bought machinery 113,000 15,000 25,700 74,800
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (3 reviews)
To compute Lauras trading income for the first two tax years and the amount of any overlap profits we need to consider her adjusted trading profit pur...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
-
Laura started trading on 1 February 2021, preparing accounts to 31 January. Her adjusted trading profit for the year to 31 January 2022 (before deducting capital allowances) was 259,171. Her...
-
On 6 April 2021, Harry Johnson, aged 38, started employment with, Queens words Ltd as a proof-reader. On the 11 January 2022, Harry also entered into a partnership with his friend Debra. Together...
-
Scenario: As of October 31, 2023, you are a member of your firm's audit team responsible for reviewing the financial statements of Karke Dikhaao Limited (Karke) for the fiscal year ending on...
-
According to a study conducted by the Gallup organization, the proportion of Americans who are afraid to y is 0.10. A random sample of 1100 Americans results in 121 indicating that they are afraid to...
-
Thickness measurements of a coating process are made to the nearest hundredth of a millimeter. The thickness measurements are uniformly distributed with values 0.15, 0.16, 0.17, 0.18, and 0.19....
-
The PCAOB issues audit practice alerts to highlight new, emerging, or otherwise noteworthy circumstances. Revenue is the largest account in the financial statements for many companies, and many...
-
A major difference between reinforcement and social learning theory is ____________. (a) reinforcement recognizes the existence of vicarious learning, and social learning does not (b) reinforcement...
-
A debt of $5000 can be repaid, with interest at 8%, by the following payments. Year Payment 1 $ 500 2 1000 3 1500 4 2000 5 X The payment at the end of the fifth year is shown as X. How much is X?
-
Write an equation of a line tangent to the graph 3x= -3y+75 at the point (-4, -3). 4 O y=1+x+255 3 7 O y=-1414x-1/13 O y=-4x-25 4 y=x+ 73
-
Joanne started a business on 1 May 2016, preparing accounts to 31 December each year. Her first accounts were for the period to 31 December 2016 . During this period and during the year to 31...
-
Lee begins trading on 1 January 2017 preparing accounts to 31 December each year. His adjusted trading profit for the year to 31 December 2017 (before capital allowances) is 21,000 and capital...
-
Describe The Walt Disney World experience based on the concepts of needs, wants, and demands, differentiating the three. More than 58 million people flock to The Walt Disney World Resort in Florida...
-
You are applying for a mortgage loan at 5 . 7 5 % over 3 0 years with monthly payments. The home you are considering is at a price of $ 2 2 9 , 0 0 0 . Lenders are offering 8 0 % loan to value...
-
Research project on Tesla is closely aligned with the Course Outcomes and Finance Program Objectives. Completion of this project can be used as part of a portfolio to show potential employers the...
-
WHERE IS AN MBA AT STRUTLEDGE? Strutledge is a small private liberal arts school located 50 miles from a major urban area in the southeastern United States. As with most higher education...
-
Calculate the following definite integral, correct to two decimal places: cosxsinx dr where k = 0.11. The limits on the integral are in radians.
-
2. (4 pts) Given the following declarations and statements, write an appropriate function call for the function implemented above. The value returned from the function should be stored in variable...
-
We compared Krispy Kreme and Starbucks at the end of this chapter. What was the difference between the two companies, and why did that matter?
-
DEPARTMENT DATA EMPLOYEE DATA EmployeeNumber FirstName Mary Rosalie Richard George Alan 3 4 5 7 8 9 855555ES 12 13 14 15 16 17 Create the database tables in SQL or ACCESS: 18 19 20 PROJECT DATA Ken...
-
Cardinal Properties, Inc., exchanges real estate used in its business along with stock for real estate to be held for investment. The stock transferred has an adjusted basis of $45,000 and a fair...
-
Tom and Frank are brothers. Each owns investment property in the other's hometown. To make their lives easier, they decide to legally exchange the investment properties. Under the terms of the...
-
Determine the realized, recognized, and postponed gain or loss and the new basis for each of the following like-kind exchanges: Adjusted Basis of Old Asset Boot Given Fair Market Value of New Asset...
-
Jane provides a money purchase pension plan for her employees. She wants to fund the plan for each employee with either a term or whole life insurance policy. Which person does not pass the...
-
A retailing business imported food products for K50, 000 (CIF). Duty payable was 35%. The firm was registered for GST purposes. A. Calculate the final landed cost of the products, including GST. B....
-
2. The following data represent samples that were taken on 10 separate days. Each day has a varying sample size and the number of defects for the items sampled is listed. We want to see if this...
Study smarter with the SolutionInn App