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Capital allowances – practice question 11

Forums › ACCA Forums › ACCA TX Taxation Forums › Capital allowances – practice question 11

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by f6ali.
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  • January 15, 2022 at 4:55 pm #646118
    MicaMota
    Participant
    • Topics: 2
    • Replies: 3
    • ☆

    On practice question 11 – the vehicle sold part of the special rate pool is the only asset in that pool so I was thinking that the pool should end with 0 but it does not. Why do we keep a balance on a pool where all the assets have been sold ?

    January 16, 2022 at 11:38 am #646164
    f6ali
    Member
    • Topics: 10
    • Replies: 342
    • ☆☆☆

    If you wish to ask the tutor directly, please start a thread in Ask the Tutor Forums. This forum is primarily designed for students to help each othere.

    As explained on page 30 of the lecture notes under the heading “Sale of Plant and Machinery”, the closing balance on a pool (whether general or special rate) is written down to nil only under two situations:
    1) the business is being closed, OR
    2) the closing balance is 1,000 or below

    Other than these two situations, the pool balance is never written off, even if all the assets in the pool are sold.

    Hope this helps.

    January 16, 2022 at 12:14 pm #646167
    MicaMota
    Participant
    • Topics: 2
    • Replies: 3
    • ☆

    Think I got confused here with the non pool items such private use and short life where when sold the balance is written off creating an allowance/charge.

    Thank you for your help

    January 16, 2022 at 12:20 pm #646168
    f6ali
    Member
    • Topics: 10
    • Replies: 342
    • ☆☆☆

    You are welcome 🙂

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