Please type the answer by computer so I can see it clearly, thank you!!! Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial statements up to the 31st of December. The following is a list of plant and machinery movements for the year ending December 31, 2020: Dates Particulars 25.02.20 Purchased a new lorry for HK$210,000 05.04.20 Sold an old lorry for HK$30,000 (original cost HKS100,000) Purchased a motor car for HK$450,000 and only partly used for business purpose. The business portion was 40%. 31.05.20 10.08.20 Purchased 4 cabinets for HK$29,000. 25.10.20 Replaced an old fax machine (no scrap value) with a new one. The cost of the new fax machine was HK$9,000. 30.11.20 Purchased 1 air-conditioning plant for HK$110,000. Tax written-down values brought forward from the year of assessment 2019/20 are as follows: 10% pool 20% pool 30% pool HK$250,000 HK$400,000 HK$280,000 Required Compute the total depreciation allowances that Newton Limited is entitled to claim for the year of assessment 2020/21.
Please type the answer by computer so I can see it clearly, thank you!!! Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial statements up to the 31st of December. The following is a list of plant and machinery movements for the year ending December 31, 2020: Dates Particulars 25.02.20 Purchased a new lorry for HK$210,000 05.04.20 Sold an old lorry for HK$30,000 (original cost HKS100,000) Purchased a motor car for HK$450,000 and only partly used for business purpose. The business portion was 40%. 31.05.20 10.08.20 Purchased 4 cabinets for HK$29,000. 25.10.20 Replaced an old fax machine (no scrap value) with a new one. The cost of the new fax machine was HK$9,000. 30.11.20 Purchased 1 air-conditioning plant for HK$110,000. Tax written-down values brought forward from the year of assessment 2019/20 are as follows: 10% pool 20% pool 30% pool HK$250,000 HK$400,000 HK$280,000 Required Compute the total depreciation allowances that Newton Limited is entitled to claim for the year of assessment 2020/21.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Please type the answer by computer so I can see it clearly, thank you!!!
Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial
statements up to the 31st of December.
The following is a list of plant and machinery movements for the year ending December 31, 2020:
Dates
Particulars
25.02.20
Purchased a new lorry for HK$210,000
05.04.20
Sold an old lorry for HK$30,000 (original cost HK$100,000)
31.05.20
Purchased a motor car for HK$450,000 and only partly used for business
purpose. The business portion was 40%.
10.08.20
Purchased 4 cabinets for HK$29,000.
25.10.20
Replaced an old fax machine (no scrap value) with a new one. The cost of
the new fax machine was HK$9,000.
30.11.20
Purchased 1 air-conditioning plant for HK$110,000.
Tax written-down values brought forward from the year of assessment 2019/20 are as follows:
10% pool
HK$250,000
HK$400,000
20% pool
30% pool
HK$280,000
Required
Compute the total depreciation allowances that Newton Limited is entitled to claim for the year
of assessment 2020/21.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd86f873c-3594-41b9-9be1-79a3f8ba94bb%2F8c8ec9d3-169a-495f-ae2f-de68bd250632%2Ftdapc5d_processed.png&w=3840&q=75)
Transcribed Image Text:Please type the answer by computer so I can see it clearly, thank you!!!
Company (Newton Limited) is a watch manufacturing firm based in HK. It prepares yearly financial
statements up to the 31st of December.
The following is a list of plant and machinery movements for the year ending December 31, 2020:
Dates
Particulars
25.02.20
Purchased a new lorry for HK$210,000
05.04.20
Sold an old lorry for HK$30,000 (original cost HK$100,000)
31.05.20
Purchased a motor car for HK$450,000 and only partly used for business
purpose. The business portion was 40%.
10.08.20
Purchased 4 cabinets for HK$29,000.
25.10.20
Replaced an old fax machine (no scrap value) with a new one. The cost of
the new fax machine was HK$9,000.
30.11.20
Purchased 1 air-conditioning plant for HK$110,000.
Tax written-down values brought forward from the year of assessment 2019/20 are as follows:
10% pool
HK$250,000
HK$400,000
20% pool
30% pool
HK$280,000
Required
Compute the total depreciation allowances that Newton Limited is entitled to claim for the year
of assessment 2020/21.
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