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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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