are provided the following transactions which occurred during the tax year which 31 December 2022 for Serowe Ltd. The c
are provided the following transactions which occurred during the tax year which 31 December 2022 for Serowe Ltd. The c
Chapter18: Accounting Periods And Methods
Section: Chapter Questions
Problem 47P: How do the all events and economic performance requirements apply to the following transactions by...
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You are provided the following transactions which occurred during the tax year which 31 December 2022 for Serowe Ltd.
The company disposed some of its Heavy Plant and Machinery that it had bought on 30 November 2020 for P1,200,000. The company received P350,000. Serowe Ltd bought new Plant and Machinery to replace the disposed ones for P3,200,000.
Assume that the company elects to apply rollover relief, calculate the capital allowances on the new plant and machinery for the current tax year.
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