Compute the capital allowances in respect of the motor car

Assignment Help Accounting Basics

Reference no: EM132825823

Question

a new motor car which cost RM 120000 has been wholly used by Chong's trader business since is acquisition on 12 January 2014. on 21 November 2016, chong traded in the motor car . RM 87300 for a new van to be wholly used in his business. detail;s are a follow ;

cost of the van 110000
cash deposit (2000)
trade in value of the motor car (60000)
hire purchase loan (excluding interest) 48000
total number of installments 24
date of first installment 1 december 2019

REQUIRED ;

Compute the capital allowances in respect of the motor car and van for the respective year of assesment until 2019.

Reference no: EM132825823

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