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WorksheetsPOP QUIZ AGRICULTURE ALLOWANCE
Total questions: 10
Worksheet time: 14mins
Agriculture can be defined as
any form of cultivation of crops and any other agriculture or pastoral pursuits.
any form of animal farming, aquaculture, inland fishing and any other agriculture or pastoral pursuits.
any form of cultivation of crops, animal farming, aquaculture, inland fishing and any other agriculture or pastoral pursuits.
any form of aquaculture, inland fishing and any other agriculture or pastoral pursuits.
forms of vegetables produce is called
agriculture
replanting
fertilizing
crops
replanting means
replacement of the crop of any product on any are of land
reforestation of timber
produce on the same area a crop of the same product and includes reforestation of timber
all of the above
none of the above
QAE is the capital expenditure incurred by a person on the following items, EXCEPT
clearing and preparation of land
Cost of keeping, maintenance, fertilizing and pasticide
construction on road and bridge
construction of building for workers welfare
the person can claim the agriculture allowance following conditions EXCEPT
the owner of the asset at the end of the basis period
dispose off the asset when it is not in used within one month before sale
incur the qualifying agriculture expenditure
use the asset in the business
Which of the following is FALSE
When a person transfer or sells an asset which is in use within 1 month before the transfer or sale, he is entitled to only part of allowance in the bases period for YA the asset is transferred
The purchaser is entitled to claim the remaining balance of AA that would have been made to the seller if the asset had not been transferred
The purchase price is considered as QAE of the purchaser to compute the amount of AA
The apportionment of agriculture allowance is based on the basis period of the seller, not basis period of purchaser
Compute the total amount of agriculture allowance for the following agriculture expenditure which incurred in YA 2019:
RM
Cost of land 300,500
clearing and preparation of land 250,000
construction cost of labour quarters 180,000
RM150,250
RM125,000
RM161,000
RM311,250
Agriculture charge when the following circumstances occur EXCEPT
when the farm asset is disposed of within 5 years
when the owner received grant from the government, state of government or statutory authority
elect to spread back the amount of agrculture charge to the immediately preceeding year of assessments
when the farm asset is disposed more than 5 years
TP Sdn Bhd was incorporated on 1.4.2012 to carry on the business of operating a coconut plantation. The company makes up its account to 31.12 annually. The following expenses incurred in year 2016:
RM
Planting of coconut seedlings 120,000
Construction of labour quarters 40,000
Construction of store 30,000
On 30.6.2019 the company disposed off the coconut plantation to HSB Sdn Bhd for RM500,000.
Compute agriculture charge to the above item for TP Sdn Bhd in total for YA 2019. The company did not elect to spread back the agriculture charge.
RM190,000
RM38,500
RM70,000
RM158,500
How much is the agriculture charge for clearing land of RM90,000 when a company disposed off the asset?
RM90,000
RM45,000
RM18,000
RM9,000
