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Mr Tan commenced business as a printer in 2015. He makes up his accounts to 31 December annually. Upon commencement of his business Mr Tan acquired the following assets:
RM
Printing machine 150,000Office equipment 35,000Delivery truck 85,000Personal computer system 1 15,000 In the year 2017, he acquired additional assets for the business as follows: RMPersonal computer system 2 10,000Furnitures and fittings 5,000 In 2017, Mr Tan also disposed of personal computer system 1 for RM1,000 as it had become obsolete.
Required:
Problem (i) Calculate the residual expenditure of each of the assets at the end of the year of assessment 2016 and 2017
Problem (ii) Calculate the balancing allowance or balancing charge in respect of personal computer system 1 disposed of in 2017.
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