Tx notes fa22 Final

June 2023 to March 2024 exams
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shop costing £1.60 each, £100 for a donation to a national charity, and £40 for a donation to a local 
charity’s fete. The fete’s programme carried a free advertisement for the clothing shop. 
Note 6:
Wages and salaries 
The figure of £84,825 for wages and salaries includes the annual salary of £15,500 paid to Jeremy’s 
wife. She works in the clothing shop as a sales assistant. The other sales assistants doing the same 
job are paid an annual salary of £11 ,000. 
Note 7:
Goods for own use 
During the year ended 31 May 2022, Jeremy took clothes out of the shop for his personal use 
without paying or accounting for them. The cost of these clothes was £460, and they had a selling 
price of £650. 
Note 8: 
Plant and machinery 
The capital allowances available for the year ended 31 May 2022 are £13,060. 
(In the actual examination you will be required to prepare a capital allowances computation and work 
out this figure. - see chapter 5) 
Calculate Jeremy’s tax adjusted trading profit for the year ended 31 May 2022. 
In Exam questions in Section C on this topic to ensure that students deal with all the items on 
the statement of profit or loss, students are required to put in a zero adjustment for any items 
that do not require an adjustment. 
After completing this chapter you may now attempt Practice Question 8 

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June 2023 to March 2024 exams
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Chapter 5
CAPITAL ALLOWANCES