Portia a sole trader with chains of supermarkets purchased the following assets during the year ended 31
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Question:
Portia a sole trader with chains of supermarkets purchased the following assets during the year ended 31 December 2013;
8th Jan 2013, New Land and building cost P1, 200,000, land costing P200, 000
11th March 2013, Furniture and Fittings cost P500, 000
5th April 2013, Range Rover costing P500, 000
10th June 2013, Other Plant and Equipment costing P150, 000
During the year ended 31 December 2014, on 10 th June 2014, Portia sold other Plant and Equipment
which had cost P50, 000 for P45, 000.
Required
a) Compute the capital allowance for each of the tax years December 2013, December 2014 and
December 2015.
b) Calculate the balancing adjustment.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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