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SIME Farming Enterprises year end is 31 December. incurred the following costs in their farm business; constructed a bridge across to its farmland in 2019
SIME Farming Enterprises year end is 31 December. incurred the following costs in their farm business; constructed a bridge across to its farmland in 2019 incurred a cost of RM400,000, Clearing of land RM200,000 in 2020, Planting of crops RM100,000 in 2021, Constructed office building for RM120,000 in 2022. bought a land for RM500,000 in 2023. the same year the company incurred expenses in labor quarters and and Road, RM50,000 and RM80,000 respectively.
On 31 April 2023, the company decided to sell the farm land to Gamuda sdn Bhd
Required:
1. Compute the agriculture allowances for SIME Enterprise up to 202
2. Compute the allowances in respect of the labour quarters and road in 2023
2. Prepare Gamuda Sdn Bhd claim to the remaining
agriculture allowances.
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