Question
1. Chong Weng Manufacturing Bhd bought a processing plant in September 2017 for RM9 million. A deposit of 4 mil was paid and the balance
1. Chong Weng Manufacturing Bhd bought a processing plant in September 2017 for RM9 million. A deposit of 4 mil was paid and the balance was paid over 60 instalments. The financial year end of the company is 31st March. The initial and annual allowances of the machine is 20% and 14% respectively. Required: Compute the I.A, A.A, WDV and an abstract of the non-current assets for the years 2018 to 2021. 2. A tiles manufacturing plant was bought by Chong Weng Tiles Bhd in August 2017 for RM12 million. A deposit of 3 mil was paid and the balance was paid over 48 instalments. The accounts close on 31.12 each year. The initial and annual allowances are 20% and 14% respectively. Required: Compute the I.A, A.A, WDV and an abstract of the non-current assets for the years 2017 to 2021. The instalments commence from August 2017.
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