Ibu Mertuaku Berhad manufactures paper boxes. The company closes its accounts annually on 31 May, and in its year ended 31 May 2022, the company acquired the following assets: • A lorry was acquired under a hire purchase scheme and the relevant details are as follows: Cost 210,000 Deposit paid on 10 January 2022 30,000 Loan 180,000 Interest 2,000 Instalment period (months) 24 First instalment due on 1 February 2022 • A heavy machine was acquired for RM3,000 and used in the company. A reconditioned van was acquired for RM130,000 to transport their management team. The van was not licensed as a commercial vehicle. • On 3 October 2021, the company bought a folding machine for RM120,000. Required: Compute the total capital allowances claimable by Ibu Mertuaku Berhad for the above assets for the year of assessment 2022. [30 marks]
Ibu Mertuaku Berhad manufactures paper boxes. The company closes its accounts annually on 31 May, and in its year ended 31 May 2022, the company acquired the following assets:
• A lorry was acquired under a hire purchase scheme and the relevant details are as follows:
Cost 210,000
Deposit paid on 10 January 2022 30,000
Loan 180,000
Interest 2,000
Instalment period (months) 24
First instalment due on 1 February 2022
• A heavy machine was acquired for RM3,000 and used in the company.
A reconditioned van was acquired for RM130,000 to transport their management team. The van was not licensed as a commercial vehicle.
• On 3 October 2021, the company bought a folding machine for RM120,000.
Required: Compute the total capital allowances claimable by Ibu Mertuaku Berhad for the above assets for the year of assessment 2022. [30 marks]
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