Calculated the industrial building allowances

Assignment Help Accounting Basics
Reference no: EM132934990

Problem - Mamak Trading constructed a factory at a cost of RM1.9 million of which RM700,000 was the land. The building was completed on 1 November 2014 and 118 of the building was used as an office. On 1 February 2019, the building was sold to Malim Jaya for RM3.1 million, including RN11 million for the land. Malim Jaya used the whole building as a factory. An extension to the building costing RM120,000 was constructed by Malim Jaya on 2 May 2019. The extension was completed and brought into use as a warehouse for the storage of raw material for manufacturing. Both company close their accounts on 31 December annually. Calculated the industrial building allowances for both companies for all the relevant years of assessment up to and including year of assessment 2020.

Reference no: EM132934990

Questions Cloud

What is the correct cash balance at March : Bank service charges for March - P1,285 Credit memo for interest credited by bank for the month of March - P105 What is the correct cash balance at March 31
Prepare the journal entry to record an impairment : Blossom determines that undiscounted future cash flows for the machine are estimated to be $57,600. Prepare the journal entry to record an impairment
What is the market price : What is the market price of the 3 year bond of face value 10000/ with half yearly coupon rate of 10% p.a.
How much should be recognized as depletion : The estimate of the remaining lifetime capacity of the mine was raised to 2,400,000 tons at the start of 2020. How much should be recognized as depletion
Calculated the industrial building allowances : Calculated the industrial building allowances for both companies for all the relevant years of assessment up to and including year of assessment 2020
Calculate the net GST payable : -Computers and printing equipment amounting to $8,800 (including GST). Calculate the net GST payable (refundable) based on the information provided
What the amount to be charged as amortization : Zenith spent another $500 000 on infrastructure construction at the mine site. What the amount to be charged as amortization
How much is the annual cost of inventory : Scouts Corp. projects its sales to be 1,000 units this year. Every time Scouts Corp. makes an order, P10 is incurred. How much is the annual cost of inventory
How can the manager immunize the bank assets : Manager expects interest rates to go up from 9% to 10%. Show how can the manager immunize the bank assets from interest rate change

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare the journal entry to record the sale

Whitelock Ltd sells a machine for making rugby balls to the Australian Rugby Union on 1 July 2017. Prepare the journal entry on 1 July 2017 to record the sale

  Compute the beta value for each stock

Compute the beta value for each stock and plot the characteristic lines of the 2 companies on 2 graphs. Compute the correlation coefficient for the 2 stocks.

  Differentiate the different type of professional engagements

Assume you are auditing a city that has a summer youth employment program. List some factors you might investigate in terms.

  In addition include the tax benefits savings for the first

prepare a 500-750 word written response to the following in january 2010 salem corporation purchased 350000 of new

  What is in-process research and development

What is in-process research and development? What happens to in-process research and development once the project is completed

  What is the interest deduction for alex for tax year

Alex files a tax return for the 2010 tax year. His adjusted gross income is $50,000. What is the interest deduction for Alex for the 2010 tax year

  How much education tax credits do the bigheads get

Assuming an AGI on their joint return for 2017 of $172,000, how much education tax credits do the Bigheads get to take on their tax return?

  Analyze the executives plan of action in particular is the

grainiacs inc. is a diversified commodity merchandising company located in the upper mid-west with fiscal operations

  Determine total cost transferred to finished goods inventory

Alpha uses the weighted-average process costing method. Determine for the month of March the total cost transferred to the finished goods inventory

  Set up a schedule of interest expense

The company sold bonds with a face value of $1 million, receiving $800,000 in cash. Set up a schedule of interest expense

  Calculate the topangas gross profit ratio

Comment on the relative effect of each of the three inventory methods on the gross profit ratio.

  Prepare kohl journal entries for the initial transaction

Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $57,442 at maturity

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd