Bella owns a retail business and received the following amounts during the year ended 30...
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Accounting
Bella owns a retail business and received the following amounts during the year ended 30 June 2020:
Non-refundable deposits on lay-bys of trading stock of $3,100 received from customers during the year.
On 6 September 2019 she received a refund of $1,800 that related to lease payments that she had paid in the year ended 30 June 2018. She had claimed a deduction under s 8-1 ITAA97 for those lease payments in her income tax return for the year ended 30 June 2018.
One of Bella's suppliers had failed to deliver trading stock on time to her store on a number of occasions during the year ended 30 June 2020. This had resulted in a loss of profits to Bella. She requested that the supplier compensate her and so they paid her an amount of $5,600 on 8 May 2020 to cover the lost income.
Based on the above transactions what amount would Bella include in her assessable income?
O $8,700
O $7,400
O $3,100
O $10,500
$4,900
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