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production machinery $70,000
This was purchased in 2014 under a HP agreement where a deposit of $10,000 was paid. The bal was repaid over a 12 monthly installment starting from 1 October 2014.Required:
Assume maximum claim for allowances had always been made, determine the total allowances can claim for YA2016.Sir,
This company ( Make-nice ltd) was incorporated in sg & resident company is in the business of manufacturing cake-making moulds. Manufacturing operations are being carried out in its factory premises which MN purchased in 2007 for $2m.
I got 2 questions & can you clear it for me?
I)can I claim IA under S19(1) for YA2015 amounting to $5000 & YA2016 amounting to $9000.
ii) no. Of useful life was not given. How to calculate AA?No. of years of useful life was not given. How to calculate AA?
Is your question based on the UK F6 paper as we only have UK resident companies to deal with and some of your terminology I do not recognise and think that you are maybe dealing with Singapore which I am not able to help you with.
In the UK when machinery is purchased on HP by a company, capital allowances (AIA) will be available on the cash cost of the machinery and the interest charges will then be an allowable trading profit deduction through the period of the contract.
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