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B. Salleh Enterprise was incorporated on 1 April 2015 and closes its accounts on 31 December every year. The following assets were acquired by the
B. Salleh Enterprise was incorporated on 1 April 2015 and closes its accounts on 31 December every year. The following assets were acquired by the business: i. Honda Civic On 1 February 2018, a new Honda (not for commercial use) was bought on hire purchase. The cash price of the car was RM125,000 and a deposit of RM25,000 was paid on 1 February 2018 . Installment payment is RM2,800 per month for 40 months commencing from 1 February 2018. On 1 February 2020, the motor vehicle was sold for RM50,000. ii. Machine Salleh Enterprise brought in a used machinery from Indonesia into Malaysia on 1 January 2020 . The machine was used solely for business purpose when it was in Indonesia. The market value and net book value on the date of transfer were RM20,000 and RM25,000, respectively. Required: Calculate the amount of capital allowance, balancing charge, and balancing allowance (if any) for Salleh Enterprise for all relevant years of assessment until year of assessment 2020. B. Salleh Enterprise was incorporated on 1 April 2015 and closes its accounts on 31 December every year. The following assets were acquired by the business: i. Honda Civic On 1 February 2018, a new Honda (not for commercial use) was bought on hire purchase. The cash price of the car was RM125,000 and a deposit of RM25,000 was paid on 1 February 2018 . Installment payment is RM2,800 per month for 40 months commencing from 1 February 2018. On 1 February 2020, the motor vehicle was sold for RM50,000. ii. Machine Salleh Enterprise brought in a used machinery from Indonesia into Malaysia on 1 January 2020 . The machine was used solely for business purpose when it was in Indonesia. The market value and net book value on the date of transfer were RM20,000 and RM25,000, respectively. Required: Calculate the amount of capital allowance, balancing charge, and balancing allowance (if any) for Salleh Enterprise for all relevant years of assessment until year of assessment 2020
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