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Red Ltd, which prepares accounts to 31 March, owns a property which is let for the ten weeks from 1 July 2012 at a rent of £160 per week. The tenants leave at the end of this period having paid only £1,300 of the total amount due. Red Ltd writes off the outstanding debt. The property is re-let to new tenants on 1 March 2013 for a rent of £400 per month payable in arrears. The company pays interest of £700 during the year ended 31 March 2013 on a loan to purchase the property. What is the property income assessment for the year ended 31 March 2013? A. £1,700 B. £2,000 C. £1,000 D. £1,300 |