SECTION A (21 marks) Answer ALL questions from this section, Question 1015 marks) Rant for office promises Rant for Mr Char's residence Rates for office premises Rates for Property A Rates for Property (100 Noton) 120,000 290,000 16.000 3,000 4,000 420.000 110.000 170,000 Impairmont loss Trade debts written off 100,000 General debt Loan to staff written off 80,000 SCI General debt of 120.000 280.000 Gener debt is based on 3% of debtor 280.000 50.000 FB Lid is a whole of stationery in Hong Kong. It make up is counts to 31 March annyith two time cutive director, Me Chan and Mr Lee. Its soment of comprehensive income for the year ended 31 March 2012 as follows: Gross proft 3,578,000 Didend (Notes) 30,000 Rental Income Noteb) 210,000 Compensation led (Note) 70.000 3,016,000 Los Directorio Nord 1.300,000 Salaries and slowano 3.200,000 Annual contributions to MPF scheme Nota) 508,000 Rentre (Note 439.000 Auditor's mentiom Notes 170,000 Bankerot (Note 480,000 Motor vehicle expenses (Note) 130,000 Repair (Note 520.000 Donation (Not) 350.000 Overseas travel (Note 1) 100.000 Entertainment 220.000 Water and electroly 30.000 Depreciation $70,000 Printing stationery 30,000 General expenses (Notam LM1.000 Na prole 71.000 Notes: Dividend from the company's buidary in Hong Kong b) Property in Hong Kong 100,000 60.000 Property in Mainland China Mortgage loan interest to a local bank. The loan is used to finance the purchase of Property. It is secured by Property C(Noten). 250.000 Bark overdratinterest on company's current account. The overdraft is secured by director's personal guarantee 200,000 Interest on loan from Mr Chan 30,000 400.000 Fines 9,000 Cwparking fees 80,000 Petroleum 41.000 130.000 Renovation expenditure on office promises 200,000 Decoration of Property ( Noten) 300,000 Repairs of motor vehicle 20,000 520.000 Canh donations to various charitable organisations Business trips Overtons tips for staff of the company 70,000 100.00 (m) All general expenses are allowable Ito agreed that the depreciation allowance for the year of sent 2011/12 i SS70,000 Based on the above Information, compute the profits tax payable by FB Lid for the year of soment 2011/12. Ignore provisional profita tax. All working must be shown. 30.000 ol Compensation for loss of motor vehicle Compensation for one of trading stock 50,000 20,000 id Mr Chan Mr 1.200,000 600,000 100.00 (*) Contribution in respect of Mr Chan (20% on verton Mr Lee (18% on omation) Other employees on remon) 210,000 100,000 100.000 S.RO SPA Limited is a company carrying on a business in Hong Kong selling antique furniture. The company makes up its accounts to 31 December each year. The movement of the fixed assets for the year ended 31 December 2015 are as follows: Cost as at 1 January 2015 Additions Furniture & Fixture s 395,000 100,000 495,000 160,000 335,000 Machinery Motor vehicles $ S 123,000 550,000 20,000 130,000 143,000 680,000 0 200.000 143,000 480.000 Disposals Balance as at 31 December 2015 Proceeds from disposal 25,000 81,000 * not classified as prescribed fixed asset The tax written down values of plant and machinery brought forward from the year of assessment 2014/15 were as follows: 20% pool: $16,500 30% pool: $41.300 The following annual allowance rates are applicable to assets: Furniture & Fixture: 20% Machinery: 30% Motor vehicles: 30% Required: Calculate the amount of depreciation allowance of plant and machinery available to SPA Limited for the year of assessment 2015/16