Musleh is the owner of Taqwa Enterprise, which engages in a Halal meat slaughtering house in Malaysia.
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Question:
Musleh is the owner of Taqwa Enterprise, which engages in a Halal
meat slaughtering house in Malaysia. The business began in 2019
to cater to local consumption. As a result of the aggressive business
efforts, Taqwa Enterprise managed to penetrate Japan market
beginning in September 2023. The income statement for the year
ended 31 December 2023 is as follow :Notes:
This includes 20 percent sales to Japan market.
The cost of sale includes depreciation for plant and machinery of
RM13,000.
This rental income is derived from Musleh's shophouse.
The amount is paid according to the following ratios:
One of the employees is a disabled person. His monthly salary is
RM1,200.
This amount is payable for the lease of the slaughter house. The following ratio is used to ascertain the interest payable related to
the purchase of :
Repairs include the amount paid for:
This amount includes the provision for bad debt following the
business policy. It is the business policy to estimate a two percent
(2%) bad debt on local sales. Since this is the first year venturing into
the international market, the business has prudently made a provision
of five percent (5%) bad debt on total sales. Additionally, an amount
of RM10,000 is written off as bad debt since the debtor was declared
bankrupt and there are no assets from which the debt can be recovered.
The amount paid is related to:
This is the premium paid for the following insurance policies: The amount paid is related to:
Family day of Taqwa Enterprise
Dinner with bankers and suppliers
The amount paid is related to:
This leave passage is provided to the recipient of 'The Best Employee
of the Year' award to travel to Japan.
Additional information:
a. During the year, Musleh took business stock at a market value
of RM15,000 for private purposes.
b. An amount of RM6,000 which was previously written off as
bad debt was recovered during the year.
c. For the year of assessment 2023, capital allowances for plant
and machinery used in the business amounted to RM22,000.
d. Balancing allowance and capital allowance brought forward
from the previous year were RM5,000 and RM4,000,
respectively, while business loss brought forward was RM8,000.
e. Musleh also owns a grocery business which made a loss in the
year assessment 2022 for RM20,000.
REQUIRED:
Calculate the total income for Taqwa Enterprise for the year of
assessment 2023, showing all relevant tax adjustments.
Related Book For
Statistics For Business & Economics
ISBN: 9781305585317
13th Edition
Authors: David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, James J. Cochran
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