Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Seroja Sdn Bhd is a gas distributor for Petronas Bhd. The company closes the accounts on31 December every year. Company's assets are as follows: i.
Seroja Sdn Bhd is a gas distributor for Petronas Bhd. The company closes the accounts on31 December every year. Company's assets are as follows: i. Facsimile machine The facsimile was bought with cash at RM1,300 on 1 January 20x4. The fax machine was then sold to Melati Sdn Bhd (accounting year end 31 December) on 1 March 20x5 for RM 1,000 ii. Lorry A lorry was bought under hire purchase agreement on 8 September. 20x4. The information with regard to the purchase is as follows: Cash price RM90,000 Deposit RM15,000 Installment amount RM1,700 per month Number of installment 72 months First installment 30 September 20x4 REQUIRED: Compute Seroja Sdn Bhd's entitlement for capital allowances for the relevant years of assessment until 20x5. Seroja Sdn Bhd is a gas distributor for Petronas Bhd. The company closes the accounts on31 December every year. Company's assets are as follows: i. Facsimile machine The facsimile was bought with cash at RM1,300 on 1 January 20x4. The fax machine was then sold to Melati Sdn Bhd (accounting year end 31 December) on 1 March 20x5 for RM 1,000 ii. Lorry A lorry was bought under hire purchase agreement on 8 September. 20x4. The information with regard to the purchase is as follows: Cash price RM90,000 Deposit RM15,000 Installment amount RM1,700 per month Number of installment 72 months First installment 30 September 20x4 REQUIRED: Compute Seroja Sdn Bhd's entitlement for capital allowances for the relevant years of assessment until 20x5
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