66,000 Year ended 30 June 2018 87,000 Dee commenced in self-employment on 6 April 2014. She initially prepared accounts to 5 April, but changed her accounting date to 31 July by preparing accounts for the f ourmonth period to 31 July 2016 . Dee’s trading profits since she commenced trading have been as follows: £ Year ended 5 April 2015 35,160 Year ended 5 April 2016 32,880 Four months to 31 July 2016 16,240 Year ended 31 July 2017 54,120 Required: (a) Calculate the trading income assessments of Ae, Bee and Ca e for each of the tax years 2015-16, 2016-17 and 2017-18. (b) Calculate the amoun t of trading profits that will have been assessed on De e for each of the tax years 2015-16, 2016-17 and 2017-18. (c) State the amount of Dee’s unrelieved overlap profits as at 5 April 2018. (ACCA)
66,000 Year ended 30 June 2018 87,000 Dee commenced in self-employment on 6 April 2014. She initially prepared accounts to 5 April, but changed her accounting date to 31 July by preparing accounts for the f ourmonth period to 31 July 2016 . Dee’s trading profits since she commenced trading have been as follows: £ Year ended 5 April 2015 35,160 Year ended 5 April 2016 32,880 Four months to 31 July 2016 16,240 Year ended 31 July 2017 54,120 Required: (a) Calculate the trading income assessments of Ae, Bee and Ca e for each of the tax years 2015-16, 2016-17 and 2017-18. (b) Calculate the amoun t of trading profits that will have been assessed on De e for each of the tax years 2015-16, 2016-17 and 2017-18. (c) State the amount of Dee’s unrelieved overlap profits as at 5 April 2018. (ACCA)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ae and Bee commenced in partnership on 1 Ju ly 2015 preparing accounts to 30 June. Cae joined as a partner on 1 July 2017 . Profits have always been shared equally. The partnership’s trading profits since the commencement of trading have been as follows:
£
Year ended 30 June 2016 54,000
Year ended 30 June 2017 66,000
Year ended 30 June 2018 87,000
Dee commenced in self-employment on 6 April 2014. She initially prepared accounts to 5 April, but changed her accounting date to 31 July by preparing accounts for the f ourmonth period to 31 July 2016 . Dee’s trading profits since she commenced trading have been as follows:
£
Year ended 5 April 2015 35,160
Year ended 5 April 2016 32,880
Four months to 31 July 2016 16,240
Year ended 31 July 2017 54,120
Required:
(a) Calculate the trading income assessments of Ae, Bee and Ca e for each of the tax years 2015-16, 2016-17 and 2017-18.
(b) Calculate the amoun t of trading profits that will have been assessed on De e for each of the tax years 2015-16, 2016-17 and 2017-18.
(c) State the amount of Dee’s unrelieved overlap profits as at 5 April 2018. (ACCA)
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education