Tx notes fa22 Final

June 2023 to March 2024 exams
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21. Swish Ltd 
Swish Ltd has the following results for the year ended 31 March 2023
Notes 
(1)
Net loss is after charging:
Depreciation
£10,800
Entertaining customers
£ 1,200
(2)
All other expenses are allowable for corporation tax.
(3)
The written down value of plant and machinery on the main pool at 1 April 2022 was £20,000. 
There were no purchases or sales during the year ended 31 March 2023.
(4)
Swish Ltd has the following results for the previous year:
(a)
To compute the trading loss for the year ended 31 March 2023. 
(b)
To show how the trading loss is relieved assuming relief is taken as soon as possible.


£
Net loss per Accounts (Note (1))
(116,500)
Interest receivable
3,500
Chargeable gain
44,500
31/3/18
Trading profit
40,000
Interest receivable
2,000
Chargeable gain
–
42,000

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June 2023 to March 2024 exams
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22. Trunk Limited 
Trunk Limited acquired 1,000 shares in Branch Limited on 17th July 1994 costing £10,000. A further 
500 shares in this company were acquired on 20th February 1996 costing £6,000. In September 
1997 there was a 1 for 2 Bonus issue and in October 1998 a 1 for 3 Rights issue at £9 per share by 
Branch Limited.
On 15th October 2022 Trunk Limited acquired a further 1,000 shares in Branch Limited costing 
£15,000 and on 20th October 2022 sold 2,500 shares in Branch Limited for £40,000