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From where dis u get the mock ? Can u share the link please ? If it is ok UK variant
Upon all … 40000 is a aggregate amount available for a tax year that subject to a relief …
Dun know , but a negative figure could be created , repayment is possible in this case
There isnt any examiner comment aur tutorial note ??If it is trading intrest payable allowable expense dedcut from profit
and if non trading then no treatment , and if it is non trading along with it is deducted from
op profit , add back and deduct from perfoma under loan relationship ruleIntrest recieveable is not always for non trading purpose it’s also trading related , like is company is bank , intrest revieveable would be now ? Trading related now , dun go for craming
If it is trade related it’s allowable income , add in trading profit , if already added then no treatment and if it is non trading and already added in opertaing profit , deduct it from there and add it in the performa under intrest head , under loan relationship rule .@abdulazeez44 said:
183000 is correct if they are asking the allowable cost. What does the question ask? Allowable cost or gain?How it comes to 183000 ?
If it is renovated immediately or intially when the building was bought and it reduces market value , as the building was in an unusable state then this is a disallowed expense , wheter only repairs , specifically that are not carried out initially are treated as Revenue expenditure