BTC & PTC Revision Game

MichaelBeechFMAAT

Anyone got any objections to my workings?? Criticism welcome

Baerchen39 wrote: »

As a revision towards the BTC 2010 exam coming up, want to compare notes for figures with this?

Chocolate Heaven is changing their accounting timelines. In order to achieve this, they have put together a set of figures over a period ranging from 1.12.2008 to 31.3.2010
Capital allowance have already been put together for these CAPS.
CAP 1.12.08 to 30.11.08 £9k
CAP 1.12.09 to 31.3.10 £3k

The set of accounts for the 16 months to 31.3.2010 is:
£ £
Sales 300,000
Less COGS (150,000)
Gross Profit 150,000
Plus: Bad Debts recovered 3,000
Disc Received income 1,800
154,800
Less expenditure:-
Wages (66,000)
Rent and Insurances (10,000)
Depreciation (9,000)
Sales expenditure (17,000)
Interest Payable (8,000)
Bad debts written off (12,000)
Bank Loan Interest payable (8,000)

Net Profit 24,800

Extra information is given:-
Analysis of depreciation is: Depreciation £40,000; Loss on sale of Fixtures £18,000;
Profit on sale of Buildings £49,000
Sales expenditure has in it : Entertaining clients 2,000;
Gifts of mouse mats to clients £800 (which have a little logo on them £8 per mouse mat)
Here’s the challenge, in preparation for the Business Tax exam coming up soon (June 2010)

(a) Adj the accounts over the 16 mth period (b) Spread out the adj profit figure over the two CAPS (i.e. time-apportion) and (c) Tell us the trading income assessment for each CAP

Michael

£
Net Profit 24,800

add back

Depreciation 40,000
Loss on fixtures 18,000
Entertaining clients 2,000

Deduct off

Profit on sale of
Building (49,000)

revised profit 35,800

Period 1.12.08 to 30.11.08 £35,800 x 12/16 = £26850 less
Capital Allowance (9,000) = £17,850 - Trading income

Period 1.12.09 to 31.3.10 £35,800 x 4/16= £8950 less
Capital Allowance (3,000) = £5950 Trading Income

Notes= (i)Presume that the bad debts are specific rather than general. (ii) Have presumed that all other items not listed above , relate to day-to-day revenue expenditure (i.e. linked with trading).....

Rachey

I had a dream i went into the BTC exam and knew NOTHING!!!!

Rinske

Good thing it's only a dream! (It's probably just the stress getting to you)

And not to worry, I'm sure you know enough and have nothing to worry about!

jilt

I once dreamt I forgot to go to an exam lol

Rachey

jilt wrote: »

I once dreamt I forgot to go to an exam lol

I've had the same dream..... Every time it's June or December...!!! Think it's nerves :-(

reddwarf

i've upped this for BTC bods