The tax authorities seek your assistance to estimate the profit made in the year ended 31 December
Question:
The tax authorities seek your assistance to estimate the profit made in the year ended 31 December 2011 by a retail shop belonging to Chris Jones. They inform you as follows:
(i) Chris has no income other than from his shop.
(ii) Considering the style and standard of living Chris’s living expenses should be at least £1,500 per month.
(iii) The assets and liabilities of his shop are ascertained as stated on the right.
(iv) In June 2011 Chris introduced additional capital of £20,000 left to him by his late uncle.
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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