Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ibu Mertuaku Berhad manufactures paper boxes. The company closes its accounts annually on 31 May, and in its year ended 31 May 2022, the company

Ibu Mertuaku Berhad manufactures paper boxes. The company closes its accounts annually on 31 May, and in its year ended 31 May 2022, the company acquired the following assets:

A lorry was acquired under a hire purchase scheme and the relevant details are as follows:

RM
Cost 210,000
Deposit paid on 10 January 2022 30,000
Loan 180,000
Interest 2,000
Instalment period (months) 24
First instalment due on 1 February 2022

A heavy machine was acquired for RM3,000 and used in the company.

A reconditioned van was acquired for RM130,000 to transport their management team. The van was not licensed as a commercial vehicle.

On 3 October 2022, the company bought a folding machine for RM120,000.

Required: Compute the total capital allowances claimable by Ibu Mertuaku Berhad for the above assets for the year of assessment 2022. [30 marks]

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

More Books

Students also viewed these Accounting questions

Question

Cause on the an increase in pressure with in the eye ?

Answered: 1 week ago

Question

What is the Normal Eye Power ?

Answered: 1 week ago

Question

Thomas Aquinas was born........?

Answered: 1 week ago

Question

Aristotle of ideal state features?

Answered: 1 week ago