Solve this В.Cow Moo Sdn Bhd (animal farming) is a company resident in Malaysia. It hasbeen in operation since 1 January 2007. In September 2010, the company bought a35- hectare land in Bestari Jaya and is entitled to claim agriculture allowance. Thecompany financial year end is on 31 May.The following were the expenditure incurred in the year of purchase.RMCost of landCost of plant and machineryLand ClearingConstruction of labour quarters650,000125,000150,000235,000Construction of roadStorageConstruction of bridge80,00085,000100,000On 31 October 2013, the Company sold the whole farm to Brass Sdn Bhd forRM550,000. The accounting year end for Brass Sdn Bhd is on 31 July.Required:Compute the agriculture allowances/charges for both companies for the relevantyears of assessment up to year of assessment 2014. Assume that no election ismade under paragraph 27 Schedule 3 of ITA 1967.

As per Income tax act 1967, the agricultural expenditures which are allowed for agriculture…

Cow Moo Sdn Bhd (animal farming) is a company resident in Malaysia. It has been in operation since 1 January 2007. In September 2010, the company bought a 35- hectare land in Bestari Jaya and is entitled to claim agriculture allowance. The company financial year end is on 31 May. The following were the expenditure incurred in the year of purchase. RM 650,000 125,000 150,000 235,000 80,000 85,000 100,000 Cost of land Cost of plant and machinery Land Clearing Construction of labour quarters Construction of road Storage Construction of bridge On 31 October 2013, the Company sold the whole farm to Brass Sdn Bhd for RM550,000. The accounting year end for Brass Sdn Bhd is on 31 July. Required: Compute the agriculture allowances/charges for both companies for the relevant years of assessment up to year of assessment 2014. Assume that no election is made under paragraph 27 Schedule 3 of ITA 1967. B.

Cow Moo Sdn Bhd (animal farming) is a company resident in Malaysia. It has been in operation since 1 January 2007. In September 2010, the company bought a 35- hectare land in Bestari Jaya and is entitled to claim agriculture allowance. The company financial year end is on 31 May. The following were the expenditure incurred in the year of purchase. RM 650,000 125,000 150,000 235,000 80,000 85,000 100,000 Cost of land Cost of plant and machinery Land Clearing Construction of labour quarters Construction of road Storage Construction of bridge On 31 October 2013, the Company sold the whole farm to Brass Sdn Bhd for RM550,000. The accounting year end for Brass Sdn Bhd is on 31 July. Required: Compute the agriculture allowances/charges for both companies for the relevant years of assessment up to year of assessment 2014. Assume that no election is made under paragraph 27 Schedule 3 of ITA 1967. B.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Define the term lnvesting activities? Explain with an example?
How can thepayback method be useful?
Explain real options
Explain the Relationship to the PW Analysis?
Explain an example of external events.
Explain Evaluat ing a Single Project?