A-First is a company resident in Malaysia, purchased a machine from Mr. Hu Ltd, a British company which also provided technical assistance and training to A-First to operate the machine. The installation of the machine was carried out by the employees of Mr. Hu Ltd in Malaysia. The following payments were incurred: Cost of machine Installation charge Fees for technical assistance Training cost Required: RM 1,200,000 300,000 420,000 500,000
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- Zaas Sdn Bhd bought a machine at a cost of RM85,000 which is to be installed in its factory in Nilai. The cost of leveling the site for such installation amounts to RM260,000. Required: Calculate the allowances, if any. Select one: A. RM44,850 B. RM20,400 C. RM33,800 D. RM11,050Explain how you would treat and record each of the following cost information when preparing the contract account for a construction contract of H.Young ltd a construction company that has been operating in Kenya for the last three years. The company purchased building materials including cement,sand,paint,roofing tiles and other material at a cost of Shs 250,000,000 Some of the purchased building materials were defective and were returned to the supplier.These materials had been purchased at a cost of Shs 23,000,000. A huge fire at the contract site destroyed building materials valued at Shs 35,000,000 The company purchased a construction crane at a purchase cost of 20,000,000 The company hired dynamics networking company to install electrical cables in the building at a cost of 8,500,000 The manual construction workers hired for the contract during the year were paid 45,000,000.Explain how you would treat and record each of the following cost information when preparing the contract account for a construction contract of H.Young ltd a construction company that has been operating in Kenya for the last three years. The company purchased building materials including cement,sand,paint,roofing tiles and other material at a cost of Shs 250,000,000 Some of the purchased building materials were defective and were returned to the supplier.These materials had been purchased at a cost of Shs 23,000,000. A huge fire at the contract site destroyed building materials valued at Shs 35,000,000
- 2. Madeni Limited installed a new milk processing machine that was imported from Holland and below are the costs recorded by the accountant up to the point when the machinery started running. Cost of the machinery - Ksh 7,800,000 Freight and insurance costs from Amsterdam to Nairobi – Ksh 550,000 Five years comprehensive maintenance contract cost at Ksh 450,000 per annum Clearance costs paid to the clearing and forwarding agent - Ksh 210,000 Rebate from plant manufacturer - Ksh 620,000 Settlement discount for prompt payment at 15% of the cost net of the rebate Initial testing costs - Ksh 345,000 Annual insurance for the machinery – Ksh 730,000 Import duties and taxes paid – Ksh 2,050,000 Monthly utility bills (water & electricity) attributable to running the new plant – Ksh 185,000 Partitioning and fabrication costs to install the new plant – Ksh 588,000 Required: (i) Find out the costs to be capitalized (ii) Madeni Limited capitalized the above machinery on 1st July 2018. The…ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following: Broker's commission P5,000 Import duties P30,000 Freight on purchase P1,000 Installation cost P3,500 Testing of equipment prior to use P5,000 Promotion and advertising cost of the new product to be processed in using the new equipment, P8,000 Samples generated from testing the equipment were sold for P500. How much is the initial cost of the equipment? a. 100k b. 144k c. 144,500 d. 152k PPE intermediate accountingABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following: Broker's commission P5,000 Import duties P30,000 Freight on purchase P1,000 Installation cost P3,500 Testing of equipment prior to use P5,000 Promotion and advertising cost of the new product to be processed in using the new equipment, P8,000 Samples generated from testing the equipment were sold for P500. How much is the initial cost of the equipment? 100,000 144,000 144,500 152,000
- Company C purchased a machine costing Rs. 15, 00,000 for its production process. It paid freight Rs. 25000. Cartage Rs. 2000 and installation charges Rs 18000. The company spent an additional amount of Rs 40000 for testing and preparing the machine for use As per AS-10, the amount that should be recorded as the cost of machine would be: A Rs 1585000 B Rs. 1500000 C Rs. 1525000 D Rs. 1565000ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following: Broker's commission P5,000 Import duties P30,000 Freight on purchase P1,000 Installation cost P3,500 Testing of equipment prior to use P5,000 Promotion and advertising cost of the new product to be processed in using the new equipment, P8,000 Samples generated from testing the equipment were sold for P500. The entry related to the above transaction will include: Cr Cash 144,500 Dr Selling Expenses 8,000 Dr Equipment 152,000 Cr Sales 500(1) The company "T" bought from Germany a machine costing 2.000.000€ on 01/04/2016. The useful life of the machine was estimated at ten (10) years and the administration assumed zero residual value. On 20/04/2016, a company paid the amount of 28,000€ for the transport of the machine in Greece. On 30/04/2016, he paid 1000€ for the transportation of the machine from the customs office to its premises and 2.000€ to the company Set up for the installation and connection of the machine. On (01/06/2016), the company prepayed premiums for the insurance coverage of the machine of 600€ for one year (01/06/2016 to 31/05/2017). The company started using the machine on 01/06/2016 and three months later (01/09/2016), the company paid 300€ for the maintenance of the machine. On 01/06/2018, the company replaced the central unit of the machine with a sophisticated version of new technology that is expected to lead to a doubling of the quantity produced. The new unit cost 250,000€. On 01/06/2018, the…
- ABC & Co imported machine from Italy at Rs.1256,000, Co. paid freight charges Rs.75,000 and insurance in transit Rs.25000. Co also paid import duty Rs.235,000 and transportation charges Rs.5000. Foundation and installation cost incurred Rs. 125,000. Test run cost incurred Rs.15,000.Estimated life of the machine is 20 years and expected scrap value is Rs.250,000. Required:1) Compute total cost of the machine2) Compute depreciation expense under following methods for three years:• Straight line method• Diminishing balance method( rate 20% )• Double declining balance methodThe following are the expenditure incurred for plant and machineries by Perniagaan Cinta Sdn. Bhd. in Johor Bharu owned by Puan Riana. The business closes its account on 30 June each year 1. Machinery cost RM86,000 (bought in 2013) was brought into Malaysia from the branch in Singapore. On the day it was transferred to Johor (during year of assessment 2018), the market value of the machine was RM58,000 and the net book value was RM62,000. Another RM2,500 was incurred for the installation of the machine. For plant and machinery in items (1),determine the Qualifying Plant Expenditure (QPE).Angel Corp. uses different kinds of machines in its manufacturing process. The following information relates to the acquisition of machines that it has recorded in 2021.· Cash paid for equipment- P250,000· Cost of transporting machine - insurance and transport- P9,000· Labor cost of installation by expert fitter- P15,000· Labor cost of testing equipment- P12,000· Insurance cost for 2021- P4,500· Cost of training for personnel who will use the machine- P7,500· Cost of safety rails and platforms surrounding machine- P18,000· Cost of water devices to keep machine cool- P24,000· Cost of adjustments to machine during 2021 to make it operate more efficiently- P22,500 What is the cost of the machine? A. 358,000 B. 328,000 C. 350,500 D. 380,500