Albert and Akol LLC prepares accounts for the year end 31 March 2018 and provides the following
Question:
Albert and Akol LLC prepares accounts for the year end 31 March 2018 and provides the following information:
Property income from renting a warehouse in the UK £ 640,000
Dividends received from unconnected UK companies 288,000
Trading income 1,792,000
Dividends received from an unconnected German company 72,000
Dividends paid 180,000
Interest income 96,000
Gift Aid donation – gross amount paid 16,000
They disposed of some shares held as an investment on 30 November 2010 and realised a chargeable gain of £968,000.
Required
a. Calculate the TTP, Augmented Profit and Tax payable for the year ended 31 March 2010. (6 marks)
b. A business bills the customers £250,000 plus VAT of £50,000 at the standard rate in its first year. The Flat Rate applicable to their business is 18.5% (1% discount).
Compute the profit for the business.
Expert Answer:
a Augmented Profit and Tax payable for the year ended 31 March 2010 TTP is As per the given details ... View the full answer
