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Question 2Note 3
Softapp Ltd is a software developer. The company’s summarised statement of profit or loss for the year ended 31 March 2013 is as follows:
| Note | £ | |
|---|---|---|
| Operating profit | 1 & 2 | 519,300 |
| Other income | ||
| Income from property | 3 | 36,700 |
| Loan interest receivable | 4 | 8,100 |
| Profit on disposal of shares | 5 | 64,900 |
| Finance costs | ||
| Interest payable | 6 | (67,200) |
| Profit before taxation | 561,800 |
Note 3 – Income from property
Since 1 November 2012, Softapp Ltd has let out one floor of a freehold office building which is surplus to requirements. The income from property figure of £36,700 is made up of the following income and expenditure:
| Date received/paid | £ | |
|---|---|---|
| 23 October 2012 | Advertising for tenants | (600) |
| 25 October 2012 | Security deposit of two months rent | 10,400 |
| 25 October 2012 | Rent for the quarter ended 31 January 2013 | 15,600 |
| 1 November 2012 | Insurance for the year ended 31 October 2013 | (1,200) |
| 2 February 2013 | Rent for the quarter ended 30 April 2013 | 15,600 |
| 20 March 2013 | Repairs following a flood | (12,800) |
| 4 April 2013 | Insurance claim in respect of the flood damage | 9,700 |
36,700 |
Required:
What are the property business profits for the year ended 31/03/2013?