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 Notes 1. Salaries include £1,000 paid to John Dodd's wife who works part time in the business. If John had employed another person to do this work, John would have had to pay at least this amount. 2. Motor expenses on cars owned by the business are £3,000 for John Dodd's car used 20% privately and £2,000 for his part-time salesman's car used 40% privately. No private use on the leased car. 3. Capital allowances are £860. Required: Compute the adjusted taxable trade profit for the year ended 31 May 2012. You should start with the net profit figure of £10,400 and indicate by the use of zero (0) any items which do not require adjustment. |