FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Mobius Ltd, during the year ended 31 Mar 2021, constructed a building for us in its trade of manufacturing. The building was completed and put in use Mar 2021. The company incurred the following related costs: Land Building Materials 100,000,000 50,000,000 20,000,000 Manufacturing Machinery Placed in Building Calculate total industrial building allowance for the 2020/21 year of assessment.
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Transcribed Image Text:Mobius Ltd, during the year ended 31 Mar 2021, constructed a building for us in its trade of manufacturing. The building was completed and put in use Mar 2021. The company incurred the following related costs: Land Building Materials 100,000,000 50,000,000 20,000,000 Manufacturing Machinery Placed in Building Calculate total industrial building allowance for the 2020/21 year of assessment.
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Step 1: Calculation of qualified amount for Industrial building allowance (IBA)
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Step 2: Calculation of Total Industrial Building Allowance for 20/21 year of assessment
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