assessment 2014 which included depreciation of $400,000. At the end of 2013 (year of Assessment 2013) the assets and costs and written down values were as indicated below.
Hi Pro Ltd. Cost and WDDV of Assets at 31 Dec 2014
able[[ASSETS,COST $,WDV $],[Industrial Buildings,30,000,000,20,500,000
assessment 2014 which included depreciation of $400,000. At the end of 2013 (year of Assessment 2013) the assets and costs and written down values were as indicated below. Hi Pro Ltd. Cost and WDDV of Assets at 31 Dec 2014 ASSETS COST $ WDV$ Industrial Buildings 30,000,000 20,500,000 Plant and Machinery 260,000 200,000 Office equipment, Furniture & Fixtures 1,000,000 700,000 Motor Vehicles: Car#1actual $16,000,3 yr.old 6,400 (Notional) 4,000 Car# 2 (actual $30,000, 1 yr old) 6,400 (Notional) 5,600
Truck #1 Truck # 2
2,400,000 2,000,000
1,500,000
Computers with Printers
600,000
330,000
During 2014 disposals were: Assets Disposal proceeds Truck#1 $1,750,000 Car #1 (original cost ($16,000)$8,000
During 2024 the following acquisitions/ extensions were made: Assets Addition : a concrete block and steel extension 6,000,000 was added to the industrial buildings New bagging equipment 4,000,000 Purchase of car #3 2,000,000 Required a. Prepare Work sheet using tables showing calculations (28 marks) b. Input results on S04 -Schedule 2 (39 marks) c. Show the summary of capital allowances. (5 marks) d. Show the Tax adjusting statement -Year of Assessment 2015 (6 marks) NB. Assume all purchases occurred Jan 1, 2014
