Larimar and Amber have been in partnership for many years. The partnership agreement allocates partners’ interest at 5% annually on capital invested. The balance of any profits is shared 35% to Larimar and 65% to Amber.On 31 December2014 Larimar’s capital account had a balance of ￡36,000 and Amber’sbalance was ￡24,000. For the year ended 31 December 2014 the partnership had a tax adjusted trading profitof ￡120,000.What is the amount of Larimar’s trading profit for the tax year 2014–15?

1 .A claim to set a trading loss incurred in the tax year 2014–15 against total income must be made by what date?

A 5 April 2015 B 5 April 2016 C 31 January 2016 D 31 January 2017

题型: 单选题 提问时间: 2021-08-24

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2 .Aubrey has been in business for several years. His recent adjusted trading results are as follows: ￡ Year to 30 September 2013 Profit 14,900 Year to 30 September 2014 Loss (19,660) Aubrey has other income of ￡3,900 in the tax year 2013–14and ￡5,100 in the tax year 2014–15.He wishes to claim maximum loss relief as soon as possible.What is Aubrey’s total income for the tax year 2013–14(after loss reliefs but before deducting the personal allowance)?

A Nil B ￡3,900 C ￡14,900 D ￡18,800

题型: 单选题 提问时间: 2021-08-24

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3 .Which of the following statements about terminal lossrelief is/are correct?(1) Any remaining overlap profits arising from the commencement of trade is deducted from the loss for the last 12 months.(2) This relief is given against trading profits of the tax year of permanent discontinuance and the three preceding tax years on a LIFO basis.What amount should be included in the capital allowance computation as the acquisition cost of this vehicle?

A 1 only B 2 only C Both 1 and 2 D Neither 1 nor 2

题型: 单选题 提问时间: 2021-08-24

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4 .Vanessa and Josh have traded in partnership for several years, preparing accounts to 30 June each year. Phil was admitted to the partnership on 1 November 2014.What is the basis period for Vanessa’s share of the partnership profits for the tax year 2014–15?

A Year to 30 June 2014 B 1 July 2013 to 31 October 2014 C 1 November 2014 to 5 April 2015 D Year to 30 June 2015

题型: 单选题 提问时间: 2021-08-24

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5 .Xavier and Yolanda have traded in partnership for several years. Their profit-sharing arrangements are: Xavier Yolanda Annual salaries ￡6,700 ￡4,400 4% interest on capital account balances of ￡33,000 ￡27,000 Profit-sharing ratio 2 1 Adjusted trading profits for the year ended 31 March 2015 were ￡42,300.What amount of profit will be allocated to Xavier for the year ended 31 March 2015?

A ￡27,220 B ￡27,500 C ￡27,920 D ￡28,200

题型: 单选题 提问时间: 2021-08-24

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7 .Cate and Dani have traded in partnership for several years. Their profit-sharing arrangements are: Cate Dani Annual salaries ￡5,000 ￡4,000 6% interest on capital account balances ￡35,000 ￡20,000 Profit-sharing ratio 3 2 Adjusted trading profitsfor the year ended 31 March 2015 were ￡33,000.What amount of profit will be allocated to Dani for the year ended 31 March 2015?

A ￡13,200 B ￡13,080 C ￡13,480 D ￡13,600

题型: 单选题 提问时间: 2021-08-24

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8 .Which of the following statements about taxation of partnerships is/are correct?(1) A partner whohas a trading loss for a tax year can choose whichever form of loss relief bestsuits his individual circumstances.(2) Each partneris liable for any income tax due on their other partners’ shares of the partnership profits.What amount should be included in the capital allowance computation as the acquisition cost of this vehicle?

A 1 only B 2 only C Both 1 and 2 D Neither 1 nor 2

题型: 单选题 提问时间: 2021-08-24

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9 .Laurel and Hardy have traded in partnership for many years, preparing accounts to 31 December each year and sharing profits equally. The adjusted trading profit for the yearto 31 December 2014 was ￡48,000.With effect from 1 October 2014 they changed their profit sharing agreement. Profits are now allocatedone-third to Laurel and two-thirds to Hardy.What amount of profit will be allocated to Laurel for the year ended 31 December 2014?

A ￡16,000 B ￡22,000 C ￡24,000 D ￡26,000

题型: 单选题 提问时间: 2021-08-24

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10 .Pieter purchased aholiday home in July 2005. The holiday home cost ￡95,000 and he paid legal fees of ￡2,600 relating to the purchase.During 2010 hespent ￡6,700 on an extension to the kitchen and in 2013 he spent￡3,300 on roof repairs following a storm. Pieter anticipates selling the house in the next few months.What is the total amount of allowable expenditure on the disposal of the holiday home?

A ￡97,600 B ￡100,900 C ￡104,300 D ￡106,600

题型: 单选题 提问时间: 2021-08-24

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