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a) Able Private Limited has been operating on JTC rented premise for several years. It has recently purchased a 3 story building from Giant Development Realty for 2,75 million. According to the valuation, the land cost $1.15 million and the land lease has another 70 years to run Able Private Limited renovated the premise for $0,25 million. The building was occupied on 1 September 2008 with business commenced one week later. The accounting year end for Able is 31 October.
The building was constructed by Giant Development Realty in 1985 at a cost of $800000. The building was rented to a manufacturing company for from them till early 20008. The accounting year end for Giant Development Realty is 31 December.
Required:
(i) Calculate the balancing allowance for Giant Development Limited for year of assessment 2009
(ii) Calculate the Capital allowance claimable by Able Private Limited in year of assessment 2009
b) XYZ company incurred the following cost in for construction of a industrial building during the year ended 31 December 2008.
Cost of Land 100000
Legal expenses and conveyance fees 10000
Cost of construction of factory 50000
Architect’s fees 8000
Cost of construction of Canteen 12000
Cost of Road 6000
Cost of construction of Office 10000
Interest on the construction loan 25000
Required
Calculate the qualifying cost for industrial building allowance .
:help::help::help::help: em với ạ
a) Able Private Limited has been operating on JTC rented premise for several years. It has recently purchased a 3 story building from Giant Development Realty for 2,75 million. According to the valuation, the land cost $1.15 million and the land lease has another 70 years to run Able Private Limited renovated the premise for $0,25 million. The building was occupied on 1 September 2008 with business commenced one week later. The accounting year end for Able is 31 October.
The building was constructed by Giant Development Realty in 1985 at a cost of $800000. The building was rented to a manufacturing company for from them till early 20008. The accounting year end for Giant Development Realty is 31 December.
Required:
(i) Calculate the balancing allowance for Giant Development Limited for year of assessment 2009
(ii) Calculate the Capital allowance claimable by Able Private Limited in year of assessment 2009
b) XYZ company incurred the following cost in for construction of a industrial building during the year ended 31 December 2008.
Cost of Land 100000
Legal expenses and conveyance fees 10000
Cost of construction of factory 50000
Architect’s fees 8000
Cost of construction of Canteen 12000
Cost of Road 6000
Cost of construction of Office 10000
Interest on the construction loan 25000
Required
Calculate the qualifying cost for industrial building allowance .
:help::help::help::help: em với ạ
