Baltimore Ltd bought five new apartments on 1st August in a residential building situated in the centre of Midrand at a cost of R1 500 000 each. All the apartments were rented from 1st October 2023. The allowance that can be claimed by Baltimore Ltd for the current year of assessment is: 1. 375 000 2. R 247 000 3. R450 000 4. R 4 950 000
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- Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for depreciation on machinery at 20% per annum according to the straight-line method. The SA Revenue Service allows a wear-and-tear allowance of 25% per annum according to the straight-line method. The year-end of A Ltd is 31 May. Assume a taxation rate of 40%. Assume that A Ltd maintains a profit before provision for depreciation of R500 000 each year. Identify the amount for taxable profit for the year ended 31 May 19.2. Select one: a. R300 000 b. R250 000 c. R80 000Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for depreciation on machinery at 20% per annum according to the straight-line method. The SA Revenue Service allows a wear-and-tear allowance of 25% per annum according to the straight-line method. The year-end of A Ltd is 31 May. Assume a taxation rate of 40%. Assume that A Ltd maintains a profit before provision for depreciation of R500 000 each year. Identify the depreciation amount that would be deducted to arrive at the profit for year for accounting purposes at 31 May 19.2. Select one: a. R20 000 b. R200 000 c. R50 000 d. R250 000ABC Limited purchased 6 computers on the 30 December 2022 for $600,000. Initial Allowance is 25% and annual allowance is 20%. What is the capital allowance claimable for 2022? a. 150000 b. 0 c. 120000 d. 270000
- A Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for depreciation on machinery at 20% per annum according to the straight-line method. The SA Revenue Service allows a wear-and-tear allowance of 25% per annum according to the straight-line method. The year-end of A Ltd is 31 May. Assume a taxation rate of 40%. Assume that A Ltd maintains a profit before provision for depreciation of R500 000 each year. Identify the current tax for the year ended 31 May 19.2. Select one: a. R180 000 b. R20 000 c. R100 000 d. R120 000A Ltd buys a machine on 1 June 19.1 the cost price of which is R1 000 000. A Ltd provides for depreciation on machinery at 20% per annum according to the straight-line method. The SA Revenue Service allows a wear-and-tear allowance of 25% per annum according to the straight-line method. The year-end of A Ltd is 31 May. Assume a taxation rate of 40%. Assume that A Ltd maintains a profit before provision for depreciation of R500 000 each year. Identify the amount for accounting profit before tax, after depreciation provision for the year ended 31 May 19.2.A vehicle which cost R100 000 and on which the accumulated depreciation is R60 000 on 31 December 2020 (year end) is sold on the 31st March 2021 for R45 000 to Mr Hamilton. It was agreed that he would pay 50% in cash and the balance on the 30th June 2021. Depreciation is written off at 20% per annum using the diminishing balance method. The entity is not registered for VAT. Required: Prepare all the journal entries to record the disposal of the vehicle on the 31st March 2021. Journal narrations are required. Document numbers are not required.
- A vehicle which cost R100 000 and on which the accumulated depreciation is R60 000 on 31 December 2020 (Year-end) is sold on the 31 March 2021 for R45 000 to Mr Hamilton. It was agreed that he would pay 50% in cash and the balance on the 30 June 2021. Depreciation is written off at 20% per annum using the diminishing balance method. The entity is not registered for VAT. Required: Prepare all the journal entries to record the disposal of the vehicle on 31 March 2021. Journal narrations are required. Document numbers are not required.ABC Limited purchased 6 computers on the 30 December 2022 for $600,000. Initial Allowance is 25% and annual allowance is 20%. What is the capital allowance claimable for 2022?On January 1, 2022, ABC Company buys three hectares of land for exactly P800,000 with the amount to be paid on December 31, 2024. Interest of 3% will be paid each December 31 although a 10 percent annual rate is viewed as reasonable. Use PV factors rounded to TWO decimal places.On December 31, 2022, at what amount should the company report as the liability for this land? On December 31, 2022, what amount of Discount on Notes Payable should be reported by ABC Company on its Statement of Financial Position? Prepare the journal entry on the payment of interest expense on December 31, 2022.
- Help Sav Chancellor Limited sells an asset with a $3.0 million fair value to Sophie Incorporated. Sophie agrees to make six equal payments, each to be paid one year apart, commencing on the date of sale. Each payment Includes principal and 6% annual interest. What is the amount of each annual payment? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (EV of $1. PV of $1. EVA of $1.PVA of $1. EVAD of $1 and PVAD of $1) Multiple Choice $610,076 $622,185 $499,870 $575,555Romel (Pty) Ltd is a company that started operating on 1" January 2019 and has its year end on 31 December each year. The company's head office is in Pretoria. It also owns land and buildings in North West Province which was purchased for R 300 000. The land and buildings are leased to tenants under an operating lease for R 50 000 per annum. Required: 1.1 Identify whether leased land and building can be recognized as an investment property under IAS 40. HINT: Start by identifying whether it can be recognized as an asset or not. RECOMMENDED FORMAT DEFINITION APPLICATION 1.2. Journalize the purchase of Land and Buildings on 31" December 2019 and the rental received in the same year.Pert Lad has been trading for one year as at 31 December 2021 and during that year the company paid elecariaty bs ca00 On 18 January 2022 the company received an electricity bill for the three months to 31 December 20o21 for Eet0 pad the bill on 31 January 2022. Its accounts for the year ended 31 December 2021 should show Select one answer: O A statement of profit or loss charge for electricity of £860 and an accrual of £410 on the statement of financial postion O A statement of profit or loss charge for electricity of £1.270 and a prepayment of £410 on the statement of financial positioe O A statement of profit or loss charge for electricity of £1.270 and an accrual of £410 on the statement of financial positon O A statement of profit or loss charge for electricity of E860 and a prepayment of £410 on the statement of financial position