Country is Malaysia Southern Chemical Sdn Bhd (SC) is pharmaceutical manufacturer, it has the...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Country is Malaysia
Southern Chemical Sdn Bhd (SC) is pharmaceutical manufacturer, it has the following assets: a) SC has the following items in its office: RM Printer 4,000 Office desk (10 units) 5,000 Office chair (10 units) 3,000 Movable partition 5,500 Non-movable partition 12,300 The printer was recorded as an expense in the statement of profit or loss, the other items were recorded in PPE. b) SC leased a tablet counting machine at a yearly lease of RM 15,000 for three years (cost of machine RM 45,000) and it incurred expenditure amounting to RM 4,500 in preparing and leveling land to prepare a site for the installation of the tablet counting machine. c) SC constructed 2 buildings within the area of its manufacturing plant as follows: (i) A building for the living accommodation of the factory workers (ii) A building which houses the office Required: Discuss the tax treatment for each type of the above according to Schedule 3 of Income Tax Act 1967 (Capital Allowances and Charges), NO computation of capital allowance is required
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
