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Good day Tutor,
Please i was solving the practice question 7 but don’t understand why the answer to that question has rent income for Property B received to 3750 (3/4 of 5000).
I was thinking that, since the amount due on 31 March 2019 was delayed till 15 April 2019 and the amount was payable in arrears, the rent income that would be received in the 2018/19 tax year be two. That is on 30 September and 31 December.
Kindly revert. Thank you.
And your thinking is absolutely right! Many thanks for spotting that – I was clearly distracted when updating that answer!
Very grateful for your input and I will get the answer corrected next week!
If and probably when you spot what you think to be other errors please do let me know!Thank you for your response Sir.
Also regarding question practice 10; per the answer to that question, i think there is an omission of information in note 3.
Kindly check and correct. Thank you.
Keep up the good work – at least this time it wasn’t a technical updating error from me but for some reason note 3 has not copied into this year’s notes from last year – I will get the administrator to include the content of note 3 in the coming days but I show below what should have been included in note 3
(3) Irrecoverable Debts
Trading debts written off 5,250
Increase in allowance against specific debtors 1,750
Non trading loan written off 200
A trade debt recovered which had been written
off the previous year (450)
6,750
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