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KAPLAN exam kit question -need help!!- mistakes in answers?

Forums › ACCA Forums › ACCA TX Taxation Forums › KAPLAN exam kit question -need help!!- mistakes in answers?

  • This topic has 2 replies, 2 voices, and was last updated 14 years ago by Anonymous.
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  • Author
    Posts
  • May 17, 2011 at 9:38 am #43805
    Anonymous
    Inactive
    • Topics: 7
    • Replies: 58
    • ☆☆

    Hi

    I have following issues with kaplan exam kit (2011)

    *question 36 FORWARD LTD

    (W3) ordinary Shares in Backward plc cost was calculated at 12895. When
    you go to workings you can see disposal is calculated as 5000/9000 and then cost is shown as (12895) – how did they calculate 5/9 x 24500 = 12895?

    *question 29 ALICE LIM

    a) freehold office building – why rolled over relief (41,000) is deducted from cost of 134,000 and it actually increases the gain calculated? Why relief is increasing the gain?

    Normally the gain would be 152,000-134000= 18,000 and now with relief (41,000) this gain is actually HIGHER at 59,000?

    Please, can someone help me with this..

    May 17, 2011 at 11:48 pm #60149
    sue888
    Member
    • Topics: 4
    • Replies: 43
    • ☆

    hi,

    Since it calculates cost separately from cost indexation allowance.
    cost for ( 9000+500) =18,000+6500=24500

    you sell 5000 shares from 9500–> cost of 5,000 shs = 5000/9500*24,500= 12895
    There was a error there in their answer ( typo)

    Q29–
    There were two transactions, you need to separate them from each other
    1) disposal first building, it has realized gain = 56,000
    because he bought second building ( they both are for business) so he can claim roll over relief. Plus his second building cost him less than the money he received from his first building ( he received 149,000 and he spent 134,000). so the diff = 149,000 -134,000= 15,000 will be immediately chargeable.

    the remaining gain = 56,000 ( given in the question) less the immediate chargeable gain 15,000 =
    56,000-15,000=41,000 can be rolled over to the second building

    the second building cost = 134,000
    less roll over relief (41,000)
    base cost = 93,000

    so when he sold second building
    disposal proceeds=152,000
    less base cost (93.000)
    Chargeable gain =59,000

    May 18, 2011 at 7:06 am #60150
    Anonymous
    Inactive
    • Topics: 7
    • Replies: 58
    • ☆☆

    hi,

    many many thanks

    🙂

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