Tri 1 2023/2024 QUESTION 1 BAC2674: Taxation 1 Tutorial 6: Business Income (P3) - Capital Allowance Mayfair Sdn. Bhd. which prepares account to 31.12 annually has the details of the following expenditures: 1. Plant and machinery (heavy) 2. Truck 3. Air-conditioners RM'000 200 300 50 These assets were acquired during the year 2019. The adjusted income for 2019 was RM110,000. Required: Compute the capital allowance (Initial allowance & Annual Allowance) of the fixed assets for relevant years of assessment (2019, 2020, 2021, 2022 & 2023) Compute the Statutory income for the year of assessment 2019. Suggested answer PLANT (200,000) Yr 1- Yr 2- Yr 3 2019 2020 2021 Yr 4 2022 QPE 200000 IA (20%) X AA (20%) X X X X Residual Expenditure X X X 0 (RE) TRUCK (300,000) IA 20% X AA 20% X X X X RE X X X 0 QPE 300000 QPE 50000 AIR COND ((50,000) 2019 2020 2021 2022 2023 2024 2025 2026 IA 20% X AA 10% X X X X X X X X RE X X X X X X X 0 YA 2019 Adjusted Income Less: Capital allowance Statutory Income XX (XX) XX