i) Office building was constructed and the cost of construction was LKR.1,250,000/-. ii) The company has purchased computers at a cost of LKR.350,000/-, and a locally developed software system for LKR.140,000/-. Further, a software system developed in India was purchased for LKR.100,000/-. iii) Three high-tech sewing machines were purchased at a cost of LKR.1,800,000/- iv) A photo copying machine was obtained under a finance lease agreement for a period of 24 months from 01st May 2014. Monthly installment of the lease was LKR.12,000/-. You are required to assess the depreciation allowance for tax purpose in the assessment 2014/2015 and state the reasons for any asset that is not entitled to claim year of depreciation allowance.
Question No - 02 Komban Fashions (Pvt) Ltd. was incorporated on 01st April 2014 and engaged in the ks) s) business of exporting of garments. Details of Non-current assets acquired during the year are given below: i) Office building was constructed and the cost of construction was LKR.1,250,000/-. ii) The company has purchased computers at a cost of LKR.350,000/-, and a locally developed software system for LKR.140,000/-. Further, a software system developed in India was purchased for LKR.100,000/-. iii) Three high-tech sewing machines were purchased at a cost of LKR.1,800,000/- iv) A photo copying machine was obtained under a finance lease agreement for a period of 24 months from 01st May 2014. Monthly installment of the lease was LKR.12,000/-. You are required to assess the
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