Question 5 Nangka Madu Sdn Bhd is a company which was incorporated on 1 Jun 2015....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 5 Nangka Madu Sdn Bhd is a company which was incorporated on 1 Jun 2015. The company carries on a business of operating jackfruit plantation. The company makes up its account to 31 December annually. The following expenses were incurred from the year 2017 until 2018. Date Expenditure 20.4.2017 Cost of land 30.7.2017 Clearing of land 20.2.2018 Construction of roads 15.3.2018 Planting of jackfruit seedlings 10.8.2018 Construction of surau 12.11.2018 Construction of labour quarters 20.12.2018 Construction of store Amount (RM) 500,000 160,000 200,000 360,000 120,000 200,000 160,000 1,700,000 On 20 August 2019, the company received a grant of RM140,000 from the Government on planting of jackfruit seedlings. On 30 June 2021, the jackfruit plantation was sold to Alim & Pemurah Sdn Bhd for RM980,000. Required: Calculate the agriculture allowance/ charge for Nangka Madu Sdn Bhd for the relevant YAs up to YA 2021. Question 5 Nangka Madu Sdn Bhd is a company which was incorporated on 1 Jun 2015. The company carries on a business of operating jackfruit plantation. The company makes up its account to 31 December annually. The following expenses were incurred from the year 2017 until 2018. Date Expenditure 20.4.2017 Cost of land 30.7.2017 Clearing of land 20.2.2018 Construction of roads 15.3.2018 Planting of jackfruit seedlings 10.8.2018 Construction of surau 12.11.2018 Construction of labour quarters 20.12.2018 Construction of store Amount (RM) 500,000 160,000 200,000 360,000 120,000 200,000 160,000 1,700,000 On 20 August 2019, the company received a grant of RM140,000 from the Government on planting of jackfruit seedlings. On 30 June 2021, the jackfruit plantation was sold to Alim & Pemurah Sdn Bhd for RM980,000. Required: Calculate the agriculture allowance/ charge for Nangka Madu Sdn Bhd for the relevant YAs up to YA 2021.
Expert Answer:
Answer rating: 100% (QA)
Agricultural allowance in year 2017 Cleaning of land 1600005080000 in the year ... View the full answer
Related Book For
Financial Accounting and Reporting
ISBN: 978-0273744443
14th Edition
Authors: Barry Elliott, Jamie Elliott
Posted Date:
Students also viewed these accounting questions
-
The Sibelius Company was incorporated on 1 March X1. It carries a commercial activity. The following transactions were undertaken during the first month of operation of Sibelius Co. 1 March 1...
-
Benta Sdn Bhd is a company resident in Malaysia and a Malaysian incorporated company for Malaysian tax purposes. The company source of income is solely from manufacturing operations conducted from a...
-
Mini Giant Sdn Bhd is a well-known and specialised in manufacturing of security alarm systems. The company possesses experience engineers and marketing team security alarm systems business. Many...
-
The stockholders equity section of University Fashions is presented here. University Fashions Balance Sheet (Stockholders Equity Section) ($ in thousands) Stockholders equity: Preferred stock, $50...
-
The following invoices are being entered into the accounting system. Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and...
-
List the four major sources of Federal revenues.
-
A crossover trial is a type of experiment used to compare two drugs. Subjects take one drug for a period of time, then switch to the other. The responses of the subjects are then compared using...
-
Based on what you know about the various documentation techniques, what technique(s) would you propose to the members of the group? How will the technique(s) you proposed overcome some of the...
-
How do field salespeople differ from inside salespeople (including the sales structure of your firm in the answer)? Discuss Briefly?
-
1. If Bozena participates and the 401(k) earns 10 percent annually, how much will she have accumulated in 45 years (to age 67) even if her salary does not change? 2. If she does not participate and...
-
You are orienting a new nurse. The new nurse has arrived late to work multiple times, and you have had to search for the new nurse on the unit several times during the shift. When located, the new...
-
Can and do pension plans invest in foreign securities or tax-exempt securities?
-
a. What is the major legislation regulating pension funds! b. Does the legislation require every corporation to establish a pension fund?
-
Duration is a measure of the sensitivity of an asset or a liability to a change in interest rates. Why would bank management want to know the duration of its assets and liabilities?
-
Discuss ERISA's "prudent man" rule.
-
What is the difference between ordinary dividends and qualified dividends and how is each treated for tax purposes?
-
Please state a straw hat is the formula for the income statement. What information is this statement designed to provide? action and its impact on the Balance Sheet equation. You should try to select...
-
QUESTION 2 The CEO of Farisha Hijab Sdn Bhd insisted on further investigation to be carried out that he also required Mr Muaz to conduct the analysis of variance for the material and labour of the...
-
The following are the financial statements of White and its subsidiary Brown as at 30 September 20X9 The following information is also available: (i) White purchased its ordinary shares in Brown on 1...
-
(a) On 1 January 20X7 Parent Ltd acquired all the ordinary shares in Daughter Ltd for £16,200 cash. The fair value of the net assets in Daughter Ltd was £12,000. (b) The purchase...
-
The following items have been extracted from the accounts: Required: (a) Prepare a Value Added Statement showing % for each year and % change (b) Draft a note for inclusion in the Annual Report...
-
In a general sense, why does the auditor acquire an understanding of the internal control structure?
-
Explain the relationship between the audit strategy and the necessary level of understanding of the internal control structure.
-
What type of audit procedure is performed when the auditor evaluates the effectiveness of the design and operation of relevant policies and procedures of the internal control structure?
Study smarter with the SolutionInn App