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 |