CIMA Related Exams
F1 Exam
Country Q has the following rules in respect of capital tax on the disposal of assets:
*Capital gains are subject to tax at 25%.
*Capital losses can only be carried forward and offset against future capital gains.
The following data relates to ABC:

How much capital tax will be payable on the capital gain recorded in 20X3?
Give your answer to the nearest $.
UK purchased an asset, with a useful economic life of 10 years, on 1 January 20X5 for $40,000. The asset was revalued on 31 December 20X6 to 544,000 and the directors believed its total useful economic life remained unchanged On 31 December 20X7 UK sells the asset for $50,000
How much will be recorded as a profit on disposal of the asset in UK's statement of profit or loss for the year ended 31 December 20X7?
Give your answer to the nearest $.

The following information relates to ABC.

Which of the following would be a reason for the movement in the trade receivable days?