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) $70,000
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) $70,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 5MC: During 2019, White Company determined that machinery previously depreciated over a 7-year life had a...
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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Question
XYZ 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 financial
year 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?
year 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) $70,000
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