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Compute initial and annual allowance for year of assessment

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Question - Maxim flamed, (MB) acquired a folding machine on hire purchase terms as follow:

RM

Cost of machine 252,000

Deposit paid on 1 September 2020 60,000

Hire purchase amount 215,040

Hire purchase interest included in above 23,040

Term of repayment 24 months

The first instalment of RM8,960 commenced on 1 September 2020. The company closes its accounts to 30 June every year.

Required - Compute initial and annual allowance for year of assessment 2021.

Reference no: EM133098997

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