The Cost Of Sales Includes €25,000 In Respect Of Depreciation, €12,000 In Respect Of Stock Written Off, And €5,000 In Respect Of Goods Stolen By Staff: Advanced Taxation Assignment, ICD, Ireland
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22-Aug-23
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- The cost of sales includes €25,000 in respect of depreciation, €12,000 in respect of stock written off, and €5,000 in respect of goods stolen by staff.
- The figure for the telephone does not include Daniel’s home phone charges, which amounted to €800. He estimates that approximately 60% of the home phone charges are for his business.
- Motor and travel include Daniel’s car expenses of €3,300. The car is used approximately 70% for business purposes. The remaining motor expenses all relate to the business’s activities and are fully tax deductible.
- Repairs and renewals include €1,000, which is the cost of a computer in use in the business at year-end.
- The professional fees related to the architects’ plans for a new extension to the premises, in respect of which Daniel hopes to get planning permission in 2023.
