Shivawood Industries set up timber and woodplant in the rural area of Haryana and opted for labour intensive technique due to easy availability of labour and to provide employment to local people. Board of director decided to invest 50 lakhs to acquire plant & machinery, Rs. 1 crore to buy land, Rs. 20 Lakhs to buy raw material and Rs. 20lakhs to maintain day to day expenses.(3)(a) Name the Act of Industries which is applicable to the above industry.(b) Whichcategory of part (a) will the above industry came? (c) State the investment limit in this category
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On March 2, 2014, Glen Industries purchased a fleet of automobiles at a cost of $550,000. The cars are
to be depreciated by the straight-line method over five years with no salvage value. Glen uses the half-
year convention to compute depreciation for fractional periods. The book value of the fleet of
automobiles at December 31, 2015, will be:
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