Kencoff Company Ltd. is a coffee manufacturing company that was incorporated on 1 January 2020. The company
Fantastic news! We've Found the answer you've been seeking!
Question:
Kencoff Company Ltd. is a coffee manufacturing company that was incorporated on 1 January 2020. The company commenced its operations on 2 May 2020 after incurring the following expenditure.
Transcribed Image Text:
Factory land and building Conveyor belts Furniture and fittings Farm labour quarters Coffee milling machinery Irrigation system Borehole Construction of gabions Lorry (3.5 tonnes) Fencing of the farm Farmhouse Tractor Godown Factory perimeter wall Delivery van Trailer for tractor Computers 2 Saloon cars (each costing Sh.3,300,000) Sports pavilion Additional information: 1. 3. Sh. 82.000.000 6,200,000 350,000 4,800,000 4,200,000 1.480,000 2.360,000 1,120,000 3,400,000 780,000 2,620,000 3,600,000 1,860,000 948,000 2,600,000 520,000 720,000 Office curtains Fax machine Water pump Packaging machine 6,600,000 1.840,000 Included in the factory land and building is the cost of land valued at Sh.45,000.000. One of the saloon cars was disposed of during the year for Sh.2,200,000. The following assets were purchased on 1 August 2020: Sh. 320,000 180,000 560,000 1.720,000 Required: Investment allowances due to Kencoff Company Ltd. for the year ended 31 December 2020. Factory land and building Conveyor belts Furniture and fittings Farm labour quarters Coffee milling machinery Irrigation system Borehole Construction of gabions Lorry (3.5 tonnes) Fencing of the farm Farmhouse Tractor Godown Factory perimeter wall Delivery van Trailer for tractor Computers 2 Saloon cars (each costing Sh.3,300,000) Sports pavilion Additional information: 1. 3. Sh. 82.000.000 6,200,000 350,000 4,800,000 4,200,000 1.480,000 2.360,000 1,120,000 3,400,000 780,000 2,620,000 3,600,000 1,860,000 948,000 2,600,000 520,000 720,000 Office curtains Fax machine Water pump Packaging machine 6,600,000 1.840,000 Included in the factory land and building is the cost of land valued at Sh.45,000.000. One of the saloon cars was disposed of during the year for Sh.2,200,000. The following assets were purchased on 1 August 2020: Sh. 320,000 180,000 560,000 1.720,000 Required: Investment allowances due to Kencoff Company Ltd. for the year ended 31 December 2020.
Expert Answer:
Answer rating: 100% (QA)
Investment allowances due to Kencoff Company Ltd for the year ended 31 December 2020 ... View the full answer
Related Book For
Auditing Assurance Services and Ethics in Australia an Integrated Approach
ISBN: 978-1442539365
9th edition
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler
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...
-
A company bought a machine on 1 January 2020 for RM170,000. It is expected to last for 10 years and then be sold for scrap for RM10,000. Usage over the next 10 years is expected to be: Year...
-
Poulenc & Associates, a consulting firm, was incorporated on 1 June X1. On 30 June, the trial balance shows the following balances for selected accounts: Analysis reveals the following additional...
-
Develop a data type ResizingArrayQueueOfStrings that implements a queue with a fixed-length array in such a way that all operations take constant time. Then, extend your implementation to use a...
-
Turn to Figure 2.8 and find the options for Canadian Natural Resources. Suppose you buy a June call option with exercise price $ 24, and the stock price in June is $ 28. a. Will you exercise your...
-
Mike owns 2,400 shares of JDS Uniphase Corp. The company instituted a 1-for-8 reverse stock split on October 17. The pre-split market price per share was $2.13. a. How many shares did Mike hold after...
-
Managers must be problem-solvers but are not always decision-makers. Do you agree? Disagree? Provide an example that clarifies your position.
-
Benkhadour Co. manufactures four different products. Because the quality of its products is high, the demand for them is more than the company can produce. Based on the enquiries made by current and...
-
Assignment 4 In this assignment you are provided information on an experiment and you are required to investigate and interpret the output which is provided below. Problem: Consider the...
-
On June 12, 2002, Delta Corporation was awarded a $160,000 contract for testing a product. The contract consisted of $143,000 for labor and materials, and the remaining $17,000 was profit. The...
-
Firm A acts in a competitive market and has profits A = 120 A - 3x Each unit of r that is produced has a negative impact on Firm B because of contamination issues: Firm B's profits are TB = -x (a)...
-
Choose a brand and scan the internet (blogs, website reviews etc), explain in detail the top 5 topics being discussed, indicate if the brands are positive or negative and explain in detail some of...
-
Your goal is to print a design in the output window by using several cout commands. Your program should have the following: The name of the program should be Assignment1. (1 point) 3 comment lines...
-
2. [3 points] What are the smallest and largest values that can be represented by: a) 8-bit unsigned numbers. b) 8-bit 2's complement numbers. c) 8-bit sign & magnitude numbers. 3. [4 points] How...
-
What happens when a Java program has these statements? String str="hello"; int i =Integer.parseInt(str);
-
What is the sum of each pair of hexadecimal integers? a. (1 point) 8CF + BC1 b. (1 point) C37 + 6AD
-
name of the company ( Dubovoy Integrative Health )? please add three bullet points for the key takeaways on the slide goals and strategy? Goals and Strategies Click to add text Linda Sanders "Inhale...
-
Identify Thank You mission, strategy and core competencies. Identify strategy changes that have taken place at Thank You since its founding in 2008. Your answer must in text references and must be...
-
Define the term 'current audit file', and list several types of information typically included.
-
What is 'proportionate liability', and why was it introduced by legislation?
-
The questions below relate to determining the CUDR in audit sampling for tests of controls, using the following table: REQUIRED a. Using non-statistical sampling, calculate TDR - SDR for each of...
-
Clifford Adelman, a researcher with the Department of Education, followed a cohort of students who graduated from high school in 1992, monitoring the progress the students made toward completing a...
-
A consumer has initial real wealth of 20 , current real income of 90 , and future real income of 110 . The real interest rate is \(10 \%\) per period. a. Find the consumer's PVLR. b. Write the...
-
Figure 3.11 shows the relative price of energy. In this exercise, we derive the series plotted in that figure and examine recent data. First, find data on the producer price index for fuels and...
Study smarter with the SolutionInn App