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ACT3401 Accounting

Question

Answered

STARS Sdn Bhd owns the following assets as recorded in its fixed asset register for the year ending 31 October.

Assets

Date of purchase

Cost (RM)

Rate annual allowance

Machine A

30 Nov 2012

90,000

14%

Computer

1 Dec 2013

7,000

40%

Additional information:

On 31 December 2013, a second hand van was bought for RM20,000. On the same day, the van was installed with an air-conditioning unit costing RM1,400 and some repairs were made to the van amounting to RM4,000 before it could be used.  Monthly maintenance of the van costs RM500. The annual allowance rate is 20%.

On 1 April 2014, Machine A was sold at RM45,000 and a new Machine B was purchased on hire purchase basis costing RM230,000. The cash price is RM190,000 and the company paid a deposit of RM30,000. The balance will be paid each month commencing from 1 May 2014 for 80 months.

On 30 June 2015, the computer was traded-in for a new computer. The cash paid for the new computer was RM5,500. The trade-in value was RM2,000.

Required:

Compute the capital allowances, balancing charges and balancing allowances (if any) for Star Sdn Bhd for all the relevant years of assessment until the year of assessment 2016.

 

ACT3401 Accounting

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