Kereta Sdn Bhd (KTSB), a manufacturer of car accessories and replacement parts, makes up its accounts...
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Kereta Sdn Bhd (KTSB), a manufacturer of car accessories and replacement parts, makes up its accounts annually to 31 December. KTSB commenced operations on 1 March 2020 and prepared its first sets of accounts for the period from 1 March 2021 to 31 December 2020. The following additions were recorded in the company's non-current asset register in the year 2020: Date acquired 16 January 10 March 1 March Asset description Machinery - general Factory building, which includes office and a showroom equal to 20% of its area Commercial vehicles Cost (RM) 180,000 2,500,000 60,000 The initial deposit paid for the commercial vehicles was RM12,000. The 48 monthly instalments commence from May 2020 of RM1,050 per month including financial charge of RM50. Required: Based on the information given, compute the capital allowances and industrial building allowances claimable by KTSB for the year of assessment 2020 and 2021. Kereta Sdn Bhd (KTSB), a manufacturer of car accessories and replacement parts, makes up its accounts annually to 31 December. KTSB commenced operations on 1 March 2020 and prepared its first sets of accounts for the period from 1 March 2021 to 31 December 2020. The following additions were recorded in the company's non-current asset register in the year 2020: Date acquired 16 January 10 March 1 March Asset description Machinery - general Factory building, which includes office and a showroom equal to 20% of its area Commercial vehicles Cost (RM) 180,000 2,500,000 60,000 The initial deposit paid for the commercial vehicles was RM12,000. The 48 monthly instalments commence from May 2020 of RM1,050 per month including financial charge of RM50. Required: Based on the information given, compute the capital allowances and industrial building allowances claimable by KTSB for the year of assessment 2020 and 2021.
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Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
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