BLC Sdn. Bhd. (BLC) owned a mango farm and made up its accounts to 31 December...

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BLC Sdn. Bhd. (BLC) owned a mango farm and made up its accounts to 31 December each year. In January 2019, BLC constructed a store with the total cost of RM135,000 to keep the fruits and it was completed and used in November 2020. BLC continued to work on the mango farm until 30 April 2023. On 1 May 2023, BLC disposed of the store to MNG Farm Sdn. Bhd. for RM140,000. Required: Compute the agriculture allowance claimable in respect of the store for the relevant years of assessment until 2023 by both BLC Sdn. Bhd. and MNG Farm Sdn. Bhd. BLC Sdn. Bhd. (BLC) owned a mango farm and made up its accounts to 31 December each year. In January 2019, BLC constructed a store with the total cost of RM135,000 to keep the fruits and it was completed and used in November 2020. BLC continued to work on the mango farm until 30 April 2023. On 1 May 2023, BLC disposed of the store to MNG Farm Sdn. Bhd. for RM140,000. Required: Compute the agriculture allowance claimable in respect of the store for the relevant years of assessment until 2023 by both BLC Sdn. Bhd. and MNG Farm Sdn. Bhd.

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To compute the agriculture allowance claimable for the store by both BLC Sdn Bhd and MNG Farm ... View the full answer