Mr Kumar owns two condominium properties in Seremban, Negeri Sembilan. One of the property he lets...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mr Kumar owns two condominium properties in Seremban, Negeri Sembilan. One of the property he lets out to his brother, Mr Kaur at RM 24,000 per annum. Mr Kaur paid a utility deposit equivalent to one month rent, and a month rent paid in advance to Mr Kumar. Mr Kaur is the forth tenant. During the year 2021, Mr Kumar incurred the following expenses in respect of the house: Quit rent and assessment Repairs and maintenance -on the house -upkeep of the compound Housing loan interest Renovation of kitchen Legal expense for defending title Legal expense for collecting rent from former tenant (tenant before Mr Kaur) Installation of CCTV on the car porch Replacement of an old 1HP air conditioner with a 2HP air conditioner Gain from disposal of old 1 HP air conditioner Fire and theft insurance RM 1,300 2,300 500 5,000 38,000 7,000 4,000 2,000 2,900 500 1,230 *HP = horse power Mr Kumar also have another condominium nearby where he and families currently lived in. The annual value for the condominium is RM260,000. He also incurred assessment fee of RM620 per annum, extension of kitchen of RM10,000 and residential management fee of RM500 per annum. Required: Compute the adjusted income from rental source(s) for Mr Kumar for the year of assessment 2021. Mr Kumar owns two condominium properties in Seremban, Negeri Sembilan. One of the property he lets out to his brother, Mr Kaur at RM 24,000 per annum. Mr Kaur paid a utility deposit equivalent to one month rent, and a month rent paid in advance to Mr Kumar. Mr Kaur is the forth tenant. During the year 2021, Mr Kumar incurred the following expenses in respect of the house: Quit rent and assessment Repairs and maintenance -on the house -upkeep of the compound Housing loan interest Renovation of kitchen Legal expense for defending title Legal expense for collecting rent from former tenant (tenant before Mr Kaur) Installation of CCTV on the car porch Replacement of an old 1HP air conditioner with a 2HP air conditioner Gain from disposal of old 1 HP air conditioner Fire and theft insurance RM 1,300 2,300 500 5,000 38,000 7,000 4,000 2,000 2,900 500 1,230 *HP = horse power Mr Kumar also have another condominium nearby where he and families currently lived in. The annual value for the condominium is RM260,000. He also incurred assessment fee of RM620 per annum, extension of kitchen of RM10,000 and residential management fee of RM500 per annum. Required: Compute the adjusted income from rental source(s) for Mr Kumar for the year of assessment 2021.
Expert Answer:
Answer rating: 100% (QA)
Adjusted rental income RM24000 RM2300 RM500 RM5000RM38 000 RM 7 000 RM ... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
Simon Mtshali, a 67-year-old South African resident, is married out of community of property to Maria Mathe Mtshali. They only have one child (Brian Mtshal) who is 35 years old. None of them has a...
-
help me with questions 10, 11 and 12 to answer them for practiceolin data structures Given the following linked list definitions: struct listRec! string name; listRec *link, ;: nodeType *begin; Code...
-
A firm faces the following average revenue (demand) curve: P = 100 0.01Q Where Q is weekly production and P is price, measured in cents per unit. The firms cost function is given by C = 50Q +...
-
a. It is 2015, you've just graduated college, and you are contemplating your lifetime budget. Templates can be found in Connect. You think your general living expenses will average around $50,000 a...
-
Suppose Ironman, Inc., lost all of its inventory in a flood. Beginning inventory was \($43,000,\) net purchases totaled \($524,000,\) and sales came to \($875,000.\) Ironmans normal gross profit...
-
Assume Keiths employer reimburses him $4,200 for the move. Using the information from Problem 5, calculate Keiths moving expenses deduction using Form 3903 on Page 4-49.
-
Company issued bond with par value $509240, coupon rate of 10%, 10-year term. Bonds were issued at 105. Interest is payable annually, and the straight-line method is used for amortization. Assume...
-
An entertainment company has a net income goal of $19,000/Month. Sales are currently $600,000 annually and fixed costs run $95,000 each year? The company has just launched a new brand campaign that...
-
Trumpie Company completed the following transactions during 2016: * Distributed and paid dividends to its shareholders $60 000; * Sold an old equipment for $12 000 (the updated carrying amount prior...
-
Parkview Fish Tacos sells tacos for $6.50 each. The cost of each taco follows: Materials (food) Labor Variable overhead Fixed overhead ($7,200 per month, 4,500 tacos per month) Total costs per taco $...
-
In the balanced Wheatstone Bridge given in the figure, if the wire connecting points A and B is 100 cm long and it is an ohmic straight wire, then which one of resistance of the unknown resistor Rx?...
-
Hahn Company uses a job - order costing system. Its plantwide predetermined overhead rate uses direct labor - hours as the allocation base. The company pays its direct laborers $ 2 2 . 0 0 per hour....
-
Bring Enabled: Exam Saund 59 A company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23,100. 2. Provide services to customers and receive...
-
Sky Co . organized in 2 0 2 5 , provided you with the following info . 1 . Purchased a license for $ 2 0 , 0 0 0 on July 1 , 2 0 2 5 . The license gives Sky exclusive rights to sell its services in...
-
Which of the following answers best describes a downburst? Group of answer choices A local severe down draft of air that results in strong winds aloft Funnels of wind whose speeds reach over 300 mph...
-
Prepare a stock card using the following information A company is registered for GST which it pays quarterly, assume GST was last paid on the 30th of June 2019. It uses weighted average cost...
-
The Choi Companys next expected dividend, D1, is $3.18; its growth rate is 6 percent; and its stock currently sells for $36. New stock can be sold to net the firm $32.40 per share. a. What is Chois...
-
Last year the Bulls Business Bureau (BBB) retained $400,000 of the $1 million net income it generated. This year BBB generated net income equal to $1.2 million. If BBB follows the constant dividend...
-
Investors require a 15 percent rate of return on Goulet Companys stock (rs = 15%). a. What will be Goulets stock value if the previous dividend was D0 = $2 and if investors expect dividends to grow...
-
On September 30, 19X5, White & Co., CPAs, were engaged to audit the consolidated financial statements of National Motors, Inc. for the year ended December 31, 19X5. The consolidated financial...
-
Graham Corporation provided the following data related to accounting and taxable income: There are no existing temporary differences other than those reflected in this data. There are no permanent...
-
The auditors report below was drafted by a staff accountant of Turner & Turner, CPAs, at the completion of the audit of the financial statements of Lyon Computers, Inc., for the year ended March 31,...
Study smarter with the SolutionInn App