Lily began trading on 1 February 2021. Her tax adjusted trading profits for the 15-month period ended 30 April 2022 were £30,000. Subsequent accounts will be prepared to 30 April cach year. Required: The resulted overlap profit amount is:

Lily began trading on 1 February 2021. Her tax adjusted trading profits for the 15-month period ended 30 April 2022 were £30,000. Subsequent accounts will be prepared to 30 April cach year. Required: The resulted overlap profit amount is:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Lily began trading on 1 February 2021. Her tax adjusted trading profits for the 15-month period ended 30 April 2022 were £30,000. Subsequent accounts will be prepared to 30

April cach year.

Required: The resulted overlap profit amount is:

a.£22.000

b.£4,000

c.£48.000

d.£24.000

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