In January 2018 Katrina buys an item of movable plant and machinery for use in her business.
Question:
In January 2018 Katrina buys an item of movable plant and machinery for use in her business. The plant costs her £50,000 and capital allowances are claimed. Compute the chargeable gain arising in March 2021 when she sells the plant, assuming that sale proceeds are:
(a) £65,000
(b) £38,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
For both parts Sale proceeds Less ...View the full answer
Answered By
Susan Juma
I'm available and reachable 24/7. I have high experience in helping students with their assignments, proposals, and dissertations. Most importantly, I'm a professional accountant and I can handle all kinds of accounting and finance problems.
4.40+
15+ Reviews
45+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
In January 2015 Katrina buys an item of movable plant and machinery for use in her business. The plant costs her 50,000 and capital allowances are claimed. Compute the chargeable gain arising in...
-
In January 2019 Katrina buys an item of movable plant and machinery for use in her business. The plant costs her 50,000 and capital allowances are claimed. Compute the chargeable gain arising in...
-
A company made the following disposals during the year to 31 March 2022: (a) A factory building was sold for 650,000 on 13 June 2021. This building had cost 300,000 in August 2000 (RPI 170.5) and was...
-
Consider a process consisting of five resources that are operated eight hours per day. The process works on three different products, A, B, and C; Resource Number of Workers Processing Time for A...
-
Write a research paper on the topic of "debugging and testing on gaming software"
-
A particular closed surface has four sides. The electric flux is \(+5.0 \mathrm{~N} \cdot \mathrm{m}^{2} / \mathrm{C}\) through side \(1,+8.0 \mathrm{~N} \cdot \mathrm{m}^{2} / \mathrm{C}\) through...
-
Mcfadzean and Honarzad run a farmers' market stall as a partnership. Honarzad withdrew \($26\) 300 cash on 25 October 2025. Mcfadzean withdrew \($17\) 500 on 28 November 2025. On 1 April 2026...
-
At December 31, 2014, Grand Company reported the following as plant assets. During 2015, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold equipment...
-
1. In connection with the circuit drawn below, the value of current flowing through 2 kQ resistor is 10-4A. 2. 5V 1 www 2. 3. 4. 5. 6. 7. An audio signal Vm = 20 sin 2(1500t) amplitude modulates a...
-
In June 2018 Katie acquired a 5-year option to buy a piece of land. The option cost her 10,000. In June 2020 she sold the option for 8,000. Compute the chargeable gain.
-
In January 2021 Karl sells a one-quarter interest in a chattel for 2,500. On the date of this sale, the remaining three-quarters interest is valued at 8,500. The chattel had cost Karl 3,850 in...
-
Shinedown Company needs to raise $95 million to start a new project and will raise the money by selling new bonds. The company will generate no internal equity for the foreseeable future. The company...
-
3. For f(x)=x-7x2+8x + 16, a. Find f(10) using synthetic division. b. Is 10 a zero of the function? Explain in a complete sentence with proper grammar and correct spelling. c. Use synthetic division...
-
In addition to knowing that the visa became current on May 1, 2023, you find out the following information: The petition was filed on August 2, 2010. It was approved on March 15, 2012. Liam was born...
-
After reviewing oceanview marine company's case materials, and reviewing the unaudited account balances, what is your preliminary view on the client's ability to continue as a going concern? What is...
-
The inventory records for Radford Company reflected the following: Beginning inventory @ May 1 First purchase @ May 7 Second purchase @ May 17 Third purchase @ May 23 Sales @ May 31 800 units @ $3.20...
-
When a company changes how it reports financial information for a stable of companies, what type of change has been made?
-
1. What is a life interest? 2. What argument did the Daves make based on courtroom testimony? 3. Did the Daves make any other arguments based on other evidence? 4. This seems like good evidence that...
-
Explain the regulation of the secretions of the small intestine.
-
An individual has capital losses brought forward from previous years amounting to 4,800. Compute the individual's taxable gains for 2017-18 if total gains and losses for the year are as follows:...
-
John dies on 3 March 2018 . Between 6 April 2017 and 3 March 2018, he has capital gains of 1,200 and capital losses of 15,400. His net gains in recent tax years (and the annual exemption for each...
-
In 2017-18, an individual has capital gains of 263,000 and allowable losses of 12,000. He has no unrelieved capital losses brought forward from previous ye ars. His taxable income for 2017-18 (after...
-
The Flying Barracuda BBQ catered a banquet for 250 people. Each person was served either a chicken dish that costs $5 each or a beef dish that costs $7 each. The Flying Barracuda BBQ spent a $1500...
-
Y Figure 1. Schematic of an elastic pendulum. The grey curve represents the trajectory of the mass. In this assignment, the following is assumed/given: Table 1. Physical quantities in the system....
-
Solve the following inequality. x-8x+12 <0 Select the correct choice below and, if necessary, fill in the answer box. OA. The solution set is (Type your answer in interval notation. Use integers or...
Study smarter with the SolutionInn App