- Question 3 25 Marks A Alba Alfa Sdo Bhd A Resident Company Trades In Cosmetics Products Alha Alfa Sdn Bhd Closes 1 (29.21 KiB) Viewed 19 times
- Question 3 25 Marks A Alba Alfa Sdo Bhd A Resident Company Trades In Cosmetics Products Alha Alfa Sdn Bhd Closes 2 (22.48 KiB) Viewed 19 times
QUESTION 3 (25 MARKS) (a) Alba Alfa Sdo Bhd, a resident company, trades in cosmetics products. Alha Alfa Sdn Bhd closes its accounts annually on 31 May, and in its year ended 31 May 2020, the company acquired the following assets: Lorry | The lorry was acquired under a hire purchase scheme and the relevant details are as follows: Cost Deposit paid on 10 January 2020 Loan Interest RM 210.000 30.000 180,000 2.000 Instalment period First instalment due on 24 months 1 February 2019 Heavy machine The heavy machine was acquired for RM3,000 and used in Alba Alfa's business. Van A reconditioned van was acquired for RM130,000 to transport senior management. The van was not licensed as a commercial vehicle. Moulding machine On 3 October 2018, Alba Alfa bought a moulding machine from Shaima Company, a company resident in Indonesia, for RM120,000. Alba Alfa paid an additional amount of RM10,000 for the machine to be installed in Malaysia in November 2018. Alba Alfa did not remit any withholding tax to the Inland Revenue Board in respect of the purchase of the machine or the installation costs.
Required: 0 Compute the total capital allowances claimable by Alba Alfa Sdn Bhd for the above assets for the year of assessment 2020. Lorry Heavy Machine van Moulding Mach QE ((180,000/24) x 4 months) 3,000 130,000 (limit to 130,000 +30,000 50,000) = 60,000 (restricted to 50,000) 2018 IA 20%x130,000 = 26,000 14%x130,000 =18,200 2019 IA 20%x50,000 20%x3,000 20%x50,000 20%x 0 = 10,000 = 600 = 10,000 = 0 20%x50,000 20%x3,000 20%x50,000 14%x130,000 =10,000 =600 =10,000 =18,200 a) 20,000 1,200 20,000 62,400 =103,600 AA AA (16 marks) (ü) Compute the residual expenditure claimable by Alba Alfa Sdn. Bhd. for the above assets for the year of assessment 2020. (4 marks)