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Question - A reconditioned van costing RM75,000 was bought by Lala Bhd in 2016 for transporting the company's workers and it was licensed as a commercial vehicle. The reconditioned van had been overhauled with parts of high quality and it had undergone functional and safety tests until the van appeared 'new'. In 2018, the company sold the van to Kiki Bhd with price RM 14,500. Find the balancing adjustment for the year of assessment 2018. Question 6 Harith Sdn. Bhd. is a poultry company in Tanjung Karang with a financial year ended 31 December. The following are non-current assets brought throughout its operation.
a. Toyota Camry Date of purchase: 1 July 2019 Cash price: RM 145,000 Type of vehicle: Non-commercial (Director use) Annual allowance: 20% Dispose in February 2020 to earn more gain. Disposal price at RM135,000.
b. Machine Pallet Force Bought on 1 May 2019 at RM 15,800. Before the machine can be used, the site must be prepared. The cost of leveling the land is RM 900. The annual allowance is 14%.
Required -
a) Give difference between national allowance and annual allowance.
b) Calculate the capital allowance for the relevant year until year of assessment 2020.
In year 1, the Helpful Trust agreed to make a $50,000 cash contribution to Local Soup Kitchen, Can the trust claim a charitable contribution deduction
Three months have expired since the 12-month insurance. Prepare journal entries to record each of the December transactions and events for Business Solutions.
Determine the variable manufacturing cost per unit. Determine the full absorption cost per unit. Determine the full cost per unit.
Provide journal entry with explanation and computation assuming partners agree to divide profit and loss equally, Profit=500,000
It matters if the seller must provide something else (upgrades, additional products) after the original delivery. What is the appropriate accounting treatment
Net Income is $8,000 after paying the preferred dividends, what will be the dilutive EPS of Wonderful incorporation under treasury stock method
Epsilon Corporation has unadjusted cash in bank balances of P1,000,000 and P900,000 at the beginning and end of the month, respectively. Book debits totaled.
Tesla Corporation borrowed $60,000 from the bank on November 1, Year 1. What amount of cash did Union pay for interest in year 1
Assume that an account receivable in the amount of $400 was written off using the allowance method. Determine the net realizable value of the accounts receivable after the write-off.
what are some types of accounting engagements?what is included in an audit engagement letter?what is the relationship
If Lucas earns overtime wages that are 1.5 times greater than his regular wages, what were his gross earnings for the week
Compare and contrast how revenues and expenses are reported under the cash basis of accounting and the accrual basis of accounting.
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