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The legislation in Country S provides for an indexation allowance in the calculation of capital tax. STU operates in Country S where the indexation factor for the period 1 January 20X1 to 31 December 20X6 is 20%

STU purchased a building for $64,000 on 1 January 20X1, incurring legal fees of $4,000. STU sold the building for $86,000 on 31 December 20X6 before selling fees of $3,500

What is the chargeable capital gam arising on STU's disposal of the building?

Options:

S11,600

$5,700

S900

$200

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Question 2

Which of the following is the most appropriate definition of the term 'factoring'?

Options:

Where a business sells its accounts receivable to a third party at a discount

Where a business borrows a loan with short-term conditions from a third party

Where a business sells equity to third parties to gain short-term finance

Where a business is provided with a highly flexible regular source of short-term finance by a bank

Question 3

Which of the following would be the most immediate impact of overtrading?

Options:

An inability to pay trade payables.

Having to offer bulk discounts to customers.

An inability to pay dividends to shareholders.

A shortage of inventory

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