A company's accounts for the 17 months to 30 June 2020 include: The debentures were acquired (not
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A company's accounts for the 17 months to 30 June 2020 include:
The debentures were acquired (not for trade purposes) on 1 May 2019. Interest is payable half-yearly on 30 April and 31 October. Show how the company's period of account will be divided into accounting periods and compute the taxable total profits for each accounting period. Ignore capital allowances.
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Trading income Debenture interest receivable: Received 31 October 2019 Received 30 April 2020 Accrued to 30 June 2020 Income from property (let since 2016) Chargeable gains: Disposal on 31 January 2020 Disposal on 1 February 2020 Dividend received from UK company Gift Aid donations: Paid 31 July 2019 Paid 31 January 2020 425,000 2,400 2,400 800 9,010 28,700 49,760 10,000 6,000 6,000
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