Please type the answer by computer so I can see it clearly, thank you!!!Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financialstatements up to the 31st of December.The following is a list of plant and machinery movements for the year ending December 31, 2020:DatesParticulars25.02.20Purchased a new lorry for HK$210,00005.04.20Sold an old lorry for HK$30,000 (original cost HK$100,000)31.05.20Purchased a motor car for HK$450,000 and only partly used for businesspurpose. The business portion was 40%.10.08.20Purchased 4 cabinets for HK$29,000.25.10.20Replaced an old fax machine (no scrap value) with a new one. The cost ofthe new fax machine was HK$9,000.30.11.20Purchased 1 air-conditioning plant for HK$110,000.Tax written-down values brought forward from the year of assessment 2019/20 are as follows:10% pool20% pool30% poolHK$250,000HK$400,000HK$280,000RequiredCompute the total depreciation allowances that Newton Limited is entitled to claim for the yearof assessment 2020/21.

Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial statements up to the 31st of December. The following is a list of plant and machinery movements for the year ending December 31, 2020: Dates Particulars 25.02.20 Purchased a new lorry for HK$210,000 05.04.20 Sold an old lorry for HK$30,000 (original cost HK$100,000) 31.05.20 Purchased a motor car for HK$450,000 and only partly used for busines purpose The business portion was 40%

Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial statements up to the 31st of December. The following is a list of plant and machinery movements for the year ending December 31, 2020: Dates Particulars 25.02.20 Purchased a new lorry for HK$210,000 05.04.20 Sold an old lorry for HK$30,000 (original cost HK$100,000) 31.05.20 Purchased a motor car for HK$450,000 and only partly used for busines purpose The business portion was 40%

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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