Tri 1 2023/2024 QUESTION 2 GoodTimes Bhd. acquired a machine (general) on hire purchase (HP) terms...

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Tri 1 2023/2024 QUESTION 2 GoodTimes Bhd. acquired a machine (general) on hire purchase (HP) terms as follows: Cost of machine Deposit paid 1.2.2022 HP amount (inclusive of HP interest) Term of repayment RM 240,000 25% of cost 195,000 20 months 1st installment of RM9,750 commenced on 1.3.2022. The company closes its accounts to 31.12 every year. Required: Calculate the Capital Allowance for year of assessment (YA) 2022 & YA 2023. 2/5 Suggested answer: Cost of machine Less: 25% deposit paid Capital portion financed under HP 240,000 (60,000) 180,000 Monthly capital installment = RM X/X months = RM X per month QPE Deposit Installment paid during the year (1.3.19 31.12.21) 10 months x RM9,000 Ist YEAR: IA 20% of 150,000 AA 14% Residual expenditure 2nd YEAR: Installment paid during the year RM9,000 x 10 months QPE (150,000+ 90,000) IA 20% x 90,000 AA 14% x 240,000 Residual expenditure (99,000 + 90,000 - 51,600) X (X) ** X XX X 8 (X) X X Tri 1 2023/2024 QUESTION 2 GoodTimes Bhd. acquired a machine (general) on hire purchase (HP) terms as follows: Cost of machine Deposit paid 1.2.2022 HP amount (inclusive of HP interest) Term of repayment RM 240,000 25% of cost 195,000 20 months 1st installment of RM9,750 commenced on 1.3.2022. The company closes its accounts to 31.12 every year. Required: Calculate the Capital Allowance for year of assessment (YA) 2022 & YA 2023. 2/5 Suggested answer: Cost of machine Less: 25% deposit paid Capital portion financed under HP 240,000 (60,000) 180,000 Monthly capital installment = RM X/X months = RM X per month QPE Deposit Installment paid during the year (1.3.19 31.12.21) 10 months x RM9,000 Ist YEAR: IA 20% of 150,000 AA 14% Residual expenditure 2nd YEAR: Installment paid during the year RM9,000 x 10 months QPE (150,000+ 90,000) IA 20% x 90,000 AA 14% x 240,000 Residual expenditure (99,000 + 90,000 - 51,600) X (X) ** X XX X 8 (X) X X