Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please type the answer by computer so I can see it clearly, thank you!!! Company (Newton Limited) is a watch manufacturing firm based in
Please type the answer by computer so I can see it clearly, thank you!!! Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial statements up to the 31st of December. The following is a list of plant and machinery movements for the year ending December 31, 2020: Dates Particulars Purchased a new lorry for HK$210,000 25.02.20 05.04.20 Sold an old lorry for HK$30,000 (original cost HK$100,000) 31.05.20 Purchased a motor car for HK$450,000 and only partly used for business purpose. The business portion was 40%. 10.08.20 Purchased 4 cabinets for HK$29,000. 25.10.20 30.11.20 Replaced an old fax machine (no scrap value) with a new one. The cost of the new fax machine was HK$9,000. Purchased 1 air-conditioning plant for HK$110,000. Tax written-down values brought forward from the year of assessment 2019/20 are as follows: 10% pool 20% pool 30% pool HK$250,000 HK$400,000 HK$280,000 Required Compute the total depreciation allowances that Newton Limited is entitled to claim for the year of assessment 2020/21.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started