Plant and Machinery 1. An insurance broker purchased on 1st July 2022, computers and printers for his business at a total cost of $500,000. Computers receive an initial allowance of 25% and an annual allowance of 20%. On 30th June 2024 the insurance broker sold the computers and printers for $150,000. Calculate the capital allowances for the years 2022 to 2024. Buildings 2. A hardware store in St. Mary came up for sale and on 1st May 2021 two brothers bought it for J$120m. It was estimated that included in the price was stock valued at J$15m and land worth J$5m. The building was solidly constructed of concrete, block and steel. On the 30th June 2024 the brothers sold the hardware business for $105m of which the building was estimated to be J$95m. Calculate the capital allowances for the years 2021 to 2024. An annual allowance of 4% is available. Intangible Asset 3. Producers Jamaica Limited, a food processing business, had a small laboratory and two staff members whose job was to develop new products that could be marketed. During 2023 after several trails, the team successfully developed a new process for freeze drying bananas. Expenses for 2023- salaries, utilities, raw materials- were J$3m and in 2024 it was J$10m. Calculate the capital allowances for the years 2023 to 2024. An annual allowance of 20% is available. use excel to show all working where necessary.
Plant and Machinery
1. An insurance broker purchased on 1st July 2022, computers and printers for his business at a total cost of $500,000. Computers receive an initial allowance of 25% and an annual allowance of 20%. On 30th June 2024 the insurance broker sold the computers and printers for $150,000. Calculate the capital allowances for the years 2022 to 2024.
Buildings
2. A hardware store in St. Mary came up for sale and on 1st May 2021 two brothers bought it for J$120m. It was estimated that included in the price was stock valued at J$15m and land worth J$5m. The building was solidly constructed of concrete, block and steel. On the 30th June 2024 the brothers sold the hardware business for $105m of which the building was estimated to be J$95m. Calculate the capital allowances for the years 2021 to 2024. An annual allowance of 4% is available.
Intangible Asset
3. Producers Jamaica Limited, a food processing business, had a small laboratory and two staff members whose job was to develop new products that could be marketed. During 2023 after several trails, the team successfully developed a new process for freeze drying bananas. Expenses for 2023- salaries, utilities, raw materials- were J$3m and in 2024 it was J$10m. Calculate the capital allowances for the years 2023 to 2024. An annual allowance of 20% is available.
use excel to show all working where necessary.
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