Chong, the owner of a retail business, prepares his accounts to 31 December annually. In June 2017,
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Question:
The insurance company agreed to compensate Chong a sum of RM160,000, of which RM 50,000 was for the loss of the lorry. The amount received is included in the profit and loss account for the year ended 31 December 2017.
Required :- Discuss the tax treatment of the above covering the purchase and loss of the lorry , the insurance premium incurred and compensation received.
Related Book For
College Mathematics for Business Economics Life Sciences and Social Sciences
ISBN: 978-0321614001
12th edition
Authors: Raymond A. Barnett, Michael R. Ziegler, Karl E. Byleen
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