Question 3GoAsia Mining Sdn. Bhd. incurred qualifying mining expenditure in the sum of RM 900,000and eligible to claim mining allowance for 12 years. It commenced its mining operation on 1January 2018. Owing to the global recession, the mine was sold to Naturel Sdn. Bhd. for RM600,000 at the end of 2019. The company closes its accounts to 31 December annually. Thefollowing information available for the company for the year ended 2022 and 2023:Business:Gross income(-) Expenses*Net profit2022RM'0002023RM'000900500520310380190* All expenses incurred are deductible and wholly and exclusively for the production ofincome.Additionally information:The company acquired a new lorry to carry out the minerals to the factory in February 2022.The cost of the lorry was RM280,000 and the company was eligible to claim capitalallowance for the asset.Required:Compute the chargeable income of the company for the year of assessment 2022 and 2023.

The objective of the question is to calculate the chargeable income of GoAsia Mining Sdn. Bhd. for…

Answered: Question 3 GoAsia Mining Sdn. Bhd.…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 24CE

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