Phnom Penh HR Company is a company incorporated in the Kingdom of Cambodia and registered with the General Department of Taxation (GDT) since 2014. Company’s fiscal year is from 1 January to 31 December.
Fixed assets subject to tax depreciation are categorised by class as follows:
- Class 1: Historical costs brought forward from 2017 of USD 1,000,000
- Class 2: Un-depreciated value brought forward from 2017 of USD 120,000
- Class 3: Un-depreciated value brought forward from 2017 of USD 100,000
- Class 4: Un-depreciated value brought forward from 2017 of USD 110,000
Extracts of financial transactions during the year ended 31 December 2018 are as follows:
- In 10 January 2018, Phnom Penh HR purchased two new cars costing USD 11,000 each including VAT.
- In March 2018, Company purchased two desktop computers for USD 2,200 including VAT.
- In March 2018, Company purchased new office chairs of USD 3,000.
- In April 2018, Company purchased tables amounting to USD 1,000.
- In May 2018, Company purchased a set of office furniture of USD 600
- In May 2018, Company made an office improvement of USD 6,000. This improvement increased the useful life of an office building by 3 years.
- On 1 January 2018, Phnom Penh HR had disposed of the staff canteen at the back of the office building with an accounting net book value of USD 6,000. Company received proceeds of USD 2,000 from the disposal of certain assets attached to that building. The staff canteen was registered as a fixed asset under Company’s books and used from 1 March 2014 with a historical cost of USD 33,000 and tax depreciation has been calculated since then.
- During year 2018, accounting gain on disposal of motor vehicle of USD 9,000 and proceed from disposal at USD 9,500 in cash, exclusive of tax.
- In addition, a new canteen that was built and costing USD 7,000; it was finished by the end of November 2018.
Note: amounts above excluded VAT unless they are mentioned.
Calculate Gain(loss) on disposal of Fixed Assets excluding staff canteen per Cambodia Tax (not per Accounting) if any
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