Baltimore Ltd bought five new apartments on 1st August in a residential building situated in the centre of Midrand at a cost of R1 500 000 each. All the apartments were rented from 1st October 2023. The allowance that can be claimed by Baltimore Ltd for the current year of assessment is: 1. 375 000 2. R 247 000 3. R450 000 4. R 4 950 000
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- Mannenberg Ltd is a manufacturing company and its year-end is 31 December 2020. The following details are available relating to its fixed property: 1. Mannenberg Ltd acquired land, with an office building on 1 January 2020 for R3 000 000 cash (Land: R1 000 000, Building: R2 000 000). Mannenberg also paid agent’s commission of R45 000 and legal fees of R15 000. For the period from 1 January 2020, Mannenberg Ltd made improvements to the building amounting to R100 000. The subsequent expenditure meets the subsequent recognition criteria, as contained in IAS 40. The land and buildings were available for use and rented out to the tenant on 31 March 2020. The tenant took occupation of the building on 1 April 2020. At year-end, Mr Content, an independent sworn appraiser revalued the land at R1 620 000 and the building at R3 000 000. Mannenberg Ltd values investment property using fair value model, in terms of IAS 40. REQUIRED: Disclose the above-mentioned information in the statement…ABC (S) Pte Ltd, incorporated in 2010, is in the business of manufacturing tyres. For the year ended 31 December 2020, the company's net profit of $100,000 included the following, in addition to the profit from sale of tyres: Interest income from OCBC Bank $5,000Dividend income from DBS Bank $3,000Rental from investment property $20,000 What is ABC's taxable income for the Year of Assessment 2021? Group of answer choices a) $100,000 b) $97,000 c) $92,000 d) None of the aboveABC Limited purchased 6 computers on the 30 December 2022 for $600,000. Initial Allowance is 25% and annual allowance is 20%. What is the capital allowance claimable for 2022? a. $0 b. $120,000 c. $270,000 d. $150,000
- On 1 January 2018, Kyle Trading Sdn. Bhd. purchased a photocopy machine at a price of MYR 800,000. This piece of office equipment is depreciated at a rate of 15% per annum using the straight-line method. Calculate the asset’s net book value on 31st December 2020, assuming that the business closes its account on that date. Select one: A. MYR 580,000 B. MYR 580,000 C. MYR 560,000 D. MYR 240,00XYZ Pte Ltd commenced its first non-structural renovation works in financial year 2017 at the cost of $60,000 and incurred a further $150,000 in financial year 2018. In financialyear 2019, it upgraded its reception area and spent $200,000 on non-structural renovation costs. What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices a) $100,000 b) $136,667 c) $116,667 d) $70,000ABC Limited purchased 6 computers on the 30 December 2022 for $600,000. Initial Allowance is 25% and annual allowance is 20%. What is the capital allowance claimable for 2022?
- Matendo Properties Ltd owns the following residential houses rented out to various persons. T he following information was reported for the year end 30th June 2020 Property location Monthly rent per unit Monthly expenses per unit No. of units Plot 7 Nasser road 400,000 151,000 6 Plot 6 Jinja road 350,000 172,000 4 Plot 7 Wilson road 200,000 62,000 3 Plot 4 William street 250,000 76,000 8 During the year, the following transactions took place; - 2 units in Plot 4 William Street were vacated for three months. A donation from rents of shs. 600,000/= was made to Glad foundation, which takes care of street children. Security costs of shs. 500,000/= for the property for the year was not included in the total expenses for the year. Provisional tax payment of 2 installments each shs. 156,000 had been made. Required: (a) Compute Matendo Properties Ltd taxabl e income and tax liability for the year ended 30th June 2020.On 1 July 2020 Tom bought a machine for P15, 500. He depreciates machinery at a rate of 20% per annum on the reducing balance basis. A full year’s depreciation is charged in the year an asset is purchased. His year end is 31 October. a. Calculate the depreciation charge on the machine for the year to 31 October 2022.SunnySide (Pty) Ltd (“SunnySide”) is a cap manufacturer based in sunny Mpumalanga. Their financial year end is 31 December. On 1 January 2017 SunnySide bought a property for R2 500 000 (20% for land and 80% for buildings). This was correctly classified as property, plant and equipment in the books of SunnySide as they used the building in their production process. On 01 January 2019, SunnySide decided it would change its intentions, and lease the land and building to one of their competitors. The fair value on this date was the same as the fair value on 31 December 2018.The fair value of the land and buildings at various dates are as follows (20% for land and 80% for buildings):31 December 2017: R2 550 00031 December 2018: R2 800 00031 December 2019: R3 000 000Additional information: SunnySide carries all investment property using the fair value model. SunnySide carries all property, plant and equipment using the cost model. Depreciation is provided on a straight-line basis. The…
- Colorado Pte Ltd commenced its first non-structural renovation works in accounting year 2017 at the cost of $120,000 and incurred a further $70,000 in accounting year 2018. In accounting year 2019, it upgraded its reception area and spent $250,000 on non-structural renovation costs. What is the amount deductible under Section 14Q in Year of Assessment 2020? Group of answer choices a) $100,000 b) $36,667 c) $116,667 d) $70,000Zone Sdn. Bhd. (accounting year ended 30 November), bought Furniture and Fittings on 1st June 2022 for RM10,000. Compute the residual expenditure for the assets for the year of assessment 2022 (Rates for the AA is at 10%). Select one: a. RM3,000 b. RM4,000 c. RM6,000 d. RM7,000 e. Tiada jawapan di atas/ None of the answer aboveCoco Sdn Bhd has a year end of 31 December and operates a factory which makesceramic tiles. It purchased a machine on 1 July 2020 for RM80,000 which had auseful life of ten years and is depreciated on the straight-line basis, time apportionedin the years of acquisition and disposal. The machine was revalued to RM81,000 on1 July 2021. There was no change to its useful life at that date. A fire at the factoryon 1 October 2023 damaged the machine leaving it with a lower operating capacity.The accountant considers that Coco Sdn Bhd will need to recognise an impairmentloss in relation to this damage.The accountant has ascertained the following information at 1 October 2023:i. An equivalent new machine would cost RM90,000.ii. The machine could be sold in its current condition for a gross amountof RM45,000 with a dismantling cost of RM2,000.iii. In its current condition, the machine could be used for three more yearswhich gives it value in use of RM38,685.Required:With respect to MFRS 136,…