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Jump ltd – Trading loss query

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Jump ltd – Trading loss query

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by JillyB.
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  • November 1, 2023 at 3:50 am #694268
    ythomas
    Participant
    • Topics: 16
    • Replies: 18
    • ☆

    Hi tutor,

    I hope you are well.

    I have been doing a practice question it is called “Jump Ltd” I have noticed that they have added back entertaining overseas and entertaining uk expenses… entertaining overseas is supposed to be deducted however it has been added..

    Also I have noticed that the staff party expense is added despite it being 1,500 / 8 = 187? The limit is supposed to be £150.

    November 6, 2023 at 9:24 am #694467
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    All entertaining expenses will have been deducted when preparing the accounts. When you adjust those accounts for tax purposes you had back any expense which isn’t allowed.
    Dont think too deeply at this level.
    Entertaining staff is allowed and any other entertaining is disallowed and must be added back to net profit

    November 6, 2023 at 9:25 am #694468
    JillyB
    Keymaster
    • Topics: 0
    • Replies: 899
    • ☆☆☆☆

    If the company/business makes a loss – just noticed the heading then you start with a loss and “add back” disallowed expenses which reduces a loss.

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