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 (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 – 42,000 (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
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
(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 –
42,000
(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
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images