Answered step by step
Verified Expert Solution
Question
1 Approved Answer
QUESTION 3 a) Asase Aban Limited commenced business October, 2015 to manufacture Office Farm inputs. Accounts are made up to 31st March each year. The
QUESTION 3 a) Asase Aban Limited commenced business October, 2015 to manufacture Office Farm inputs. Accounts are made up to 31st March each year. The following depreciable assets were acquired and put to use in the business. S/N Asset Date of Purchase Amount Factory Building October, 2015 600,000 2 Plant & machinery September, 2015 300,000 3 Toyota Hiace bus (DV 1450-15) December, 2015 210,000 Distribution Van (BS 1216-16) April, 2016 200,000 5 Office Equipment November, 2015 240,000 6 Furniture & Fittings February, 2017 300,000 Toyota saloon (GS 7845-17) July, 2017 280,000 Data Handling Equipment January, 2015 240,000 The Toyota Hiace bus was disposed off in June 2017 for an amount of GHS100,000. Profits declared were as follows: Period to 31-3-2017 - GHS864,000 Year to 31-3-2018 - GHS500,000 Required: i. Compute the capital allowance claimable by the company for all the relevant years. (10 marks) ii. Determine the company's chargeable income for all relevant years
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