This chapter is mostly about dates and it's a bit confusing as the dates keep contradicting themselves.
Please you guys should go through this.
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tawas007·
It appears the salaries from 01/07/23 to 30/09/23 are incorrectly allocated in the ratio of 3:2 instead of the 2:1 ratio stated in the question. Therefore it should be £1666.67 for Doug and £833.33 for Rob. Making the total allocations £11,100 and £6,900 respectively. Correct me if i am wrong please.
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tawas007·
This is for Example 1
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Deborah·
If we are saying from July to September. That's three months. Three months of 18,000 is 4500. The allocation of 2:1. 2+1= 3. 2/3 = 0.667. Multiple this by the balancing figure it 2000. Doug amount would be 1333.
If we were to go by what you have said. We would have 2500 which is in excess to the 2000 balancing figure.
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Matthew·
Are the y/e dates correct in the Answer to Example 2? The y/e dates where 2021,2022, & 2023.
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Matthew·
Example # 2 has y/e dates of 2021,2022, & 2023 but the answer to example 2 has y/e 2022,2023 & 2024 is this an error in the dates?
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Naseam·
Can the answer to question 15 part c be explained as this does not make sense for me.
In addition as Frank is a replacement partner this is considered to be his first year of trading so how can he relieve trading losses against prior years tax assessments if he has not been trading
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Naseam·
Are the dates correct in example 1?
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tawas007·
It appears the the question is asking for the accounting period ended 30 September 2023 instead, based on the answer in the book.
Please you guys should go through this.
If we were to go by what you have said. We would have 2500 which is in excess to the 2000 balancing figure.
In addition as Frank is a replacement partner this is considered to be his first year of trading so how can he relieve trading losses against prior years tax assessments if he has not been trading