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

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.

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