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Anthony Daly purchased the following assets in May 2023, all of which were in use at 31 December 2023 in his sole trader baking business. Fixtures & fittings in retail shop 13,500 Signage 1,800 Ovens 25,000 Fixtures & fittings in production area 14,700 Delivery van 47,000 The premises occupied by Anthony's business comprise large retail outlet and a small production area where the baked goods are produced and packaged. Due to an increase in business, he decided to add an extension to the production area in October 2023 so that additional ovens, together with a small office space, could be installed. The costs associated with the extension, all of which have been capitalised, are set out below: Preparation of land for construction 3,500 Building structure 38,000 Air conditioning 8, 700 Office furniture 5, 100 Ovens 12,300 Fixtures & fittings 6, 750 Anthony prepares is accounts to 31 December each year. Requirement: Calculate the capital allowances available to Anthony for the year ended 31 December 2023 on the above expenditure.

Anthony Daly purchased the following assets in May 2023, all of which were in use at 31 December 2023 in his sole trader baking business. Fixtures & fittings in retail shop 13,500 Signage 1,800 Ovens 25,000 Fixtures & fittings in production area 14,700 Delivery van 47,000 The premises occupied by Anthony's business comprise large retail outlet and a small production area where the baked goods are produced and packaged. Due to an increase in business, he decided to add an extension to the production area in October 2023 so that additional ovens, together with a small office space, could be installed. The costs associated with the extension, all of which have been capitalised, are set out below: Preparation of land for construction 3,500 Building structure 38,000 Air conditioning 8, 700 Office furniture 5, 100 Ovens 12,300 Fixtures & fittings 6, 750 Anthony prepares is accounts to 31 December each year. Requirement: Calculate the capital allowances available to Anthony for the year ended 31 December 2023 on the above expenditure.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Anthony Daly purchased the following assets in May 2023, all of which were in use at 31 December 2023 in his sole trader baking business. Fixtures & fittings in retail shop 13,500 Signage 1,800 Ovens 25,000 Fixtures & fittings in production area 14,700 Delivery van 47,000 The premises occupied by Anthony's business comprise large retail outlet and a small production area where the baked goods are produced and packaged. Due to an increase in business, he decided to add an extension to the production area in October 2023 so that additional ovens, together with a small office space, could be installed. The costs associated with the extension, all of which have been capitalised, are set out below: Preparation of land for construction 3,500 Building structure 38,000 Air conditioning 8, 700 Office furniture 5, 100 Ovens 12,300 Fixtures & fittings 6, 750 Anthony prepares is accounts to 31 December each year. Requirement: Calculate the capital allowances available to Anthony for the year ended 31 December 2023 on the above expenditure.
Transcribed Image Text:Anthony Daly purchased the following assets in May 2023, all of which were in use at 31 December 2023 in his sole trader baking business. Fixtures & fittings in retail shop 13,500 Signage 1,800 Ovens 25,000 Fixtures & fittings in production area 14,700 Delivery van 47,000 The premises occupied by Anthony's business comprise large retail outlet and a small production area where the baked goods are produced and packaged. Due to an increase in business, he decided to add an extension to the production area in October 2023 so that additional ovens, together with a small office space, could be installed. The costs associated with the extension, all of which have been capitalised, are set out below: Preparation of land for construction 3,500 Building structure 38,000 Air conditioning 8, 700 Office furniture 5, 100 Ovens 12,300 Fixtures & fittings 6, 750 Anthony prepares is accounts to 31 December each year. Requirement: Calculate the capital allowances available to Anthony for the year ended 31 December 2023 on the above expenditure.
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