Question 1ai -

Answer

Richard Feast – Trading profit for the year ended 5 April 2013
£
Net profit 32,200
Motor expenses – Richard (4,710 x 70%) 3,297 1
Motor expenses – Chef 0 ½
Parking fines 280 ½
Property expenses (16,200 x 1/5) 3,240 1
Decorating – Restaurant 0 ½
– Apartment 1,320 ½
Other expenses – Legal fees 2,590 ½
Capital allowances (working) (3,780) W
Trading profit
39,147