Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

There were the following assets in Semerian Berhad for the year ended 3 April 2021: i Assets brought forward on the 1 May 2020: Plant

There were the following assets in Semerian Berhad for the year ended 3 April 2021:

i Assets brought forward on the 1 May 2020:
Plant and Machinery bought in June 2019 for RM350,000
Office equip,emt nought in Dec 2019 for RM2,300
ii In industrial building was commenced and completed in the current year for the following costs:
Expenditure RM
Land 570,000
Legal fees (which included RH5,000 for the land) 12,000
Architect's fees 30,000
Construction costs 270,000
Roads and other infrastructure costs 58,000
iii An old motor vehicle that had a WDV of RM32,000 was traded om at RM55,000 for a new car in February 2021. The cost of the car, was RM130,000

Required:

Compute the capital allowances for the assets +, the industrial allowance for the industrial building, the balancing allowance or balancing charge on the car traded in the capitalallowances for the new car

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Excel Applications For Accounting Principles

Authors: Gaylord SmithBruce Walz

4th Edition

1133388027, 9781133388029

More Books

Students also viewed these Accounting questions

Question

Compare and contrast incremental and zero-based budgeting.

Answered: 1 week ago