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Chapter 7, Example 6

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Chapter 7, Example 6

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by JillyB.
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  • April 17, 2023 at 4:01 pm #683028
    AWILDONELINCS
    Participant
    • Topics: 9
    • Replies: 4
    • ☆

    Can you please clarify the £5,000 profit is included and added to the loss relief here as my understanding was with overlap, was that over lap losses would be added to the loss relief amount, therefore would a overlap profit not reduce that amount of loss relief available?

    April 19, 2023 at 2:30 pm #683208
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    Overlap relief is given at the cessation of a business and if there is a profit in the final accounts then overlap reduces those profits – thus giving relief.

    If the final accounts show a loss then overlap would increase that loss as in eg6

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