Palma Sdn. Bhd. which accounting year ends every 30 April worked on the oil palm estate for several years. The company had incurred the following expenses: Date Expenditures RM 1.3.2010 Planting (new) 20,000 1.6.2010 Construction of estate office 10,000 1.10.2010 Construction of managers' house 1.11.2010 Construction of store 15.7. 2012 Construction of labour's quarters 1.9.2012 Construction of estate's road 1.11.2012 Replanting 30,000 50,000 40,000 12,000 25,000 The estate was operated until 14 June 2013 and was sold to Kelapa Sdn. Bhd. (Accounting year ends every 31ª December) on 30™ June 2013. The agreed prices were as follows: RM Plantation (including roads) 500,000 Estate office 6,000 Store 35,000 Manager and Labours’ quarters 45,000 Note: the rates of agriculture allowance are as follows: Rate Clearing and preparing land Planting of crops Construction of roads and bridges on a farm 50% Construction of living quarters for workers Construction of other buildings 50% 50% 20% 10% Required: Calculate the agriculture allowances and charges due to both companies up to the year of assessment 2015. a.
Palma Sdn. Bhd. which accounting year ends every 30 April worked on the oil palm estate for several years. The company had incurred the following expenses: Date Expenditures RM 1.3.2010 Planting (new) 20,000 1.6.2010 Construction of estate office 10,000 1.10.2010 Construction of managers' house 1.11.2010 Construction of store 15.7. 2012 Construction of labour's quarters 1.9.2012 Construction of estate's road 1.11.2012 Replanting 30,000 50,000 40,000 12,000 25,000 The estate was operated until 14 June 2013 and was sold to Kelapa Sdn. Bhd. (Accounting year ends every 31ª December) on 30™ June 2013. The agreed prices were as follows: RM Plantation (including roads) 500,000 Estate office 6,000 Store 35,000 Manager and Labours’ quarters 45,000 Note: the rates of agriculture allowance are as follows: Rate Clearing and preparing land Planting of crops Construction of roads and bridges on a farm 50% Construction of living quarters for workers Construction of other buildings 50% 50% 20% 10% Required: Calculate the agriculture allowances and charges due to both companies up to the year of assessment 2015. a.
Chapter1: Financial Statements And Business Decisions
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