66,000 Year ended 30 June 2018 87,000 Dee commenced in self-employment on 6 April 2014. She initially prepared accounts to 5 April, but changed her accounting date to 31 July by preparing accounts for the f ourmonth period to 31 July 2016 . Dee’s trading profits since she commenced trading have been as follows: £ Year ended 5 April 2015 35,160 Year ended 5 April 2016 32,880 Four months to 31 July 2016 16,240 Year ended 31 July 2017 54,120 Required: (a) Calculate the trading income assessments of Ae, Bee and Ca e for each of the tax years 2015-16, 2016-17 and 2017-18. (b) Calculate the amoun t of trading profits that will have been assessed on De e for each of the tax years 2015-16, 2016-17 and 2017-18. (c) State the amount of Dee’s unrelieved overlap profits as at 5 April 2018. (ACCA)
66,000 Year ended 30 June 2018 87,000 Dee commenced in self-employment on 6 April 2014. She initially prepared accounts to 5 April, but changed her accounting date to 31 July by preparing accounts for the f ourmonth period to 31 July 2016 . Dee’s trading profits since she commenced trading have been as follows: £ Year ended 5 April 2015 35,160 Year ended 5 April 2016 32,880 Four months to 31 July 2016 16,240 Year ended 31 July 2017 54,120 Required: (a) Calculate the trading income assessments of Ae, Bee and Ca e for each of the tax years 2015-16, 2016-17 and 2017-18. (b) Calculate the amoun t of trading profits that will have been assessed on De e for each of the tax years 2015-16, 2016-17 and 2017-18. (c) State the amount of Dee’s unrelieved overlap profits as at 5 April 2018. (ACCA)
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter12: Accounting For Partnerships And Limited Liability Companies
Section: Chapter Questions
Problem 3PA
Related questions
Question
Ae and Bee commenced in partnership on 1 Ju ly 2015 preparing accounts to 30 June. Cae joined as a partner on 1 July 2017 . Profits have always been shared equally. The partnership’s trading profits since the commencement of trading have been as follows:
£
Year ended 30 June 2016 54,000
Year ended 30 June 2017 66,000
Year ended 30 June 2018 87,000
Dee commenced in self-employment on 6 April 2014. She initially prepared accounts to 5 April, but changed her accounting date to 31 July by preparing accounts for the f ourmonth period to 31 July 2016 . Dee’s trading profits since she commenced trading have been as follows:
£
Year ended 5 April 2015 35,160
Year ended 5 April 2016 32,880
Four months to 31 July 2016 16,240
Year ended 31 July 2017 54,120
Required:
(a) Calculate the trading income assessments of Ae, Bee and Ca e for each of the tax years 2015-16, 2016-17 and 2017-18.
(b) Calculate the amoun t of trading profits that will have been assessed on De e for each of the tax years 2015-16, 2016-17 and 2017-18.
(c) State the amount of Dee’s unrelieved overlap profits as at 5 April 2018. (ACCA)
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