a) Ibu Mertuaku Berhad manufactures paper boxes. The company closes its accounts annually on 31 May,...
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a) Ibu Mertuaku Berhad manufactures paper boxes. The company closes its accounts annually on 31 May, and in its year ended 31 May 2022, the company acquired the following assets: • A lorry was acquired under a hire purchase scheme and the relevant details are as follows: RM Cost Deposit paid on 10 January 2022 Loan Interest Instalment period (months) First instalment due on 210,000 30,000 180,000 2,000 24 1 February 2022 ● • A heavy machine was acquired for RM3,000 and used in the company. A reconditioned van was acquired for RM130,000 to transport their management team. The van was not licensed as a commercial vehicle. • On 3 October 2022, the company bought a folding machine for RM120,000. Required: Compute the total capital allowances claimable by Ibu Mertuaku Berhad for the above assets for the year of assessment 2022. [30 marks] a) Ibu Mertuaku Berhad manufactures paper boxes. The company closes its accounts annually on 31 May, and in its year ended 31 May 2022, the company acquired the following assets: • A lorry was acquired under a hire purchase scheme and the relevant details are as follows: RM Cost Deposit paid on 10 January 2022 Loan Interest Instalment period (months) First instalment due on 210,000 30,000 180,000 2,000 24 1 February 2022 ● • A heavy machine was acquired for RM3,000 and used in the company. A reconditioned van was acquired for RM130,000 to transport their management team. The van was not licensed as a commercial vehicle. • On 3 October 2022, the company bought a folding machine for RM120,000. Required: Compute the total capital allowances claimable by Ibu Mertuaku Berhad for the above assets for the year of assessment 2022. [30 marks]
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Related Book For
Financial Accounting An Introduction to Concepts, Methods and Uses
ISBN: 978-1133591023
14th edition
Authors: Roman L. Weil, Katherine Schipper, Jennifer Francis
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