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.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 1PA: For each of the following situations write the principle, assumption, or concept that justifies or...
Related questions
Question
Solve this
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT