Big Log Sdn Bhd carries on a business of extracting timber from a forest in Malaysia. The
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Question:
- Big Log Sdn Bhd carries on a business of extracting timber from a forest in Malaysia. The accounts are prepared to 31 December annually. The following expenditure was incurred:
Date | Items | RM |
31 October 2017 | Construction of road | 80,000 |
30 November 2017 | Construction of living accommodation | 20,000 |
30 September 2018 | Construction of road | 25,000 |
15 December 2018 | Construction of living accommodation | 18,000 |
The company ceased to extract timber from the forest on 30 April 2020.
REQUIRED:
Compute the forest allowances and charges (if any) for the relevant years of assessment, assuming that an election was made under Paragraph 32 of Schedule 3 of the Income Tax Act 1967.
Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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