PART B QUESTION Swish Ltd has the following results for the year ended 31 March 2020. £Net loss per Accounts (Note (1)) (116,500) Interest receivable 3,500 Chargeable gain 44,500 Notes for Part B (1) Net loss is after charging: Depreciation £10,800 Entertaining customers 1,200 (2) All other expenses are allowable for corporation tax. (3) The written down value of plant and machinery on the main pool at 1 April 2019 was £20,000. There were no purchases or sales during the year ended 31 March 2020. (4) Swish Ltd has the following results for the previous year: 31/3/19 Trading profit - 40,000 Interest receivable 2,000 Chargeable gain – total 42,000 PART B REQUIREMENT (a) Compute the trading loss for the year ended 31 March 2020. (b) Show how the trading loss is relieved assuming relief is taken as soon as possi
PART B QUESTION
Swish Ltd has the following results for the year ended 31 March 2020.
£Net loss per Accounts (Note (1)) (116,500)
Interest receivable 3,500
Chargeable gain 44,500
Notes for Part B
(1) Net loss is after charging:
Entertaining customers 1,200
(2) All other expenses are allowable for corporation tax.
(3) The written down value of plant and machinery on the main pool at 1 April 2019 was £20,000. There were no purchases or sales during the year ended 31 March 2020.
(4) Swish Ltd has the following results for the previous year: 31/3/19
Trading profit - 40,000
Interest receivable 2,000
Chargeable gain –
total 42,000
PART B REQUIREMENT
(a) Compute the trading loss for the year ended 31 March 2020.
(b) Show how the trading loss is relieved assuming relief is taken as soon as possible
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