Keevesan Sdn Bhd, manufactures bathroom accessories. The paid-up ordinary share capital is RM1 million as at...
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Keevesan Sdn Bhd, manufactures bathroom accessories. The paid-up ordinary share capital is RM1 million as at 1st January 2020. The financial year is ended 31 December. The following expenditure was incurred during the financial year:- (i) Heavy Machinery (hire purchase ) 1 Jan 2020 Deposit 03 Jan 2020 Principal payment RM900,000 RM100,000 Interest payment RM200,000 (ii) General Machinery Cost RM 8,000 Cost of leveling land for -Installation of machinery RM 2,000 Motorcar (2nd hand Toyota ) (Use for Manager) 111 RM 75,000 (iv) New Van (use for business) RM 125,000 Required: (a) Compute the capital allowances for the year of assessment 2020 for Keevesan Sdn Bhd. (12 marks) (b) Describe the conditions to be eligible to claim capital allowances. (3 marks) Keevesan Sdn Bhd, manufactures bathroom accessories. The paid-up ordinary share capital is RM1 million as at 1st January 2020. The financial year is ended 31 December. The following expenditure was incurred during the financial year:- (i) Heavy Machinery (hire purchase ) 1 Jan 2020 Deposit 03 Jan 2020 Principal payment RM900,000 RM100,000 Interest payment RM200,000 (ii) General Machinery Cost RM 8,000 Cost of leveling land for -Installation of machinery RM 2,000 Motorcar (2nd hand Toyota ) (Use for Manager) 111 RM 75,000 (iv) New Van (use for business) RM 125,000 Required: (a) Compute the capital allowances for the year of assessment 2020 for Keevesan Sdn Bhd. (12 marks) (b) Describe the conditions to be eligible to claim capital allowances. (3 marks)
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The conditions eligible to avail capital allowances are as follows 1 The purc... View the full answer
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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