Encik Johan incurred qualifying agriculture expenditure of RM30,000 on the construction of a road on 15 September 2019 for the year ended 31 December 2019. The farm was disposed on 15 May 2020. Which statement is WRONG? Select one: A. Encik Johan can spread back the agricultural charge in the years assessment when the allowances are claimed B. An agricultural charge of RM30,000 arises from the disposal. C. The agricultural charge must be raised in YA 2020. D. There is no agricultural charge if disposal is performed after 5 years from the date the qualifying expenditure is incurred
Encik Johan incurred qualifying agriculture expenditure of RM30,000 on the construction of a road on 15 September 2019 for the year ended 31 December 2019. The farm was disposed on 15 May 2020. Which statement is WRONG? Select one: A. Encik Johan can spread back the agricultural charge in the years assessment when the allowances are claimed B. An agricultural charge of RM30,000 arises from the disposal. C. The agricultural charge must be raised in YA 2020. D. There is no agricultural charge if disposal is performed after 5 years from the date the qualifying expenditure is incurred
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Encik Johan incurred qualifying agriculture expenditure of RM30,000 on the construction of a road on 15 September 2019 for the year ended 31 December 2019. The farm was disposed on 15 May 2020. Which statement is WRONG?
Select one:
A. Encik Johan can spread back the agricultural charge in the years assessment when the allowances are claimed
B. An agricultural charge of RM30,000 arises from the disposal.
C. The agricultural charge must be raised in YA 2020.
D. There is no agricultural charge if disposal is performed after 5 years from the date the qualifying expenditure is incurred
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education