Required:

1. Compute the tax payable of Teknokrat Sdn Bhd for the year of assessment 2016.
2. Explain your treatment of the items stated below:

                     

1. the gain on disposal of non-current asset ;                          
2. the leave passage for staff;      
3. the depreciation; and the dividend income .   
    
    

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Teknokrat Sdn. Bhd. a company involved in producing and supplying agricultural products in Selangor. Company prepares its account to 31 December annually. The statement of profit or loss of Jeknokrat Sdo Bhd for the year ended 31 December 2016 is as follows: Teknokrat Sdn Bhd. Statement of Profit or Loss for the year ended 31 December 2016 Note RM RM 3,150,000 (1,038,800) 2,111,200 Turnover Leas: Cost of Sales Gross profit Rental income Dividend 1 2 64,000 60,000 35,000 10,000 2,280,200 Interest Gain on disposal of non- current assets Less: Operating expenses Profit before tax 1,554,600 725,600 Notes: 1. Rental income received from: RM Letting out office space A vacant land owned by the company 24,000 60.000 2. Dividend of RM60,000 was received from MJ Holding, a pioneer status company. 3. Interest income amounting to RM15,000 was received from Bank Islam Malaysia Berhad on the saving accounts. Another RM20,000 was on interest charged on trade debtors on overdue account. 4. Operating expenses comprises of. (a) Remuneration paid for the year inclusive the followings: ) Salaries and allowances (1) Staff training and development program (i) Leave passage to Pulau Panakor for staff (iv) Employee Provident Funds' contribution (v) Allowance for internship students (vi) Staff medical benefits RM 550,000 75,000 130,000 200,000 20,000 120,000 1,095,000 Company also hiring five (5) disabled employees which been paid for RM1,200 per month. Teknokrat Sdn. Bhd. a company involved in producing and supplying agricultural products in Selangor. Company prepares its account to 31 December annually. The statement of profit or loss of Jeknokrat Sdo Bhd for the year ended 31 December 2016 is as follows: Teknokrat Sdn Bhd. Statement of Profit or Loss for the year ended 31 December 2016 Note RM RM 3,150,000 (1,038,800) 2,111,200 Turnover Leas: Cost of Sales Gross profit Rental income Dividend 1 2 64,000 60,000 35,000 10,000 2,280,200 Interest Gain on disposal of non- current assets Less: Operating expenses Profit before tax 1,554,600 725,600 Notes: 1. Rental income received from: RM Letting out office space A vacant land owned by the company 24,000 60.000 2. Dividend of RM60,000 was received from MJ Holding, a pioneer status company. 3. Interest income amounting to RM15,000 was received from Bank Islam Malaysia Berhad on the saving accounts. Another RM20,000 was on interest charged on trade debtors on overdue account. 4. Operating expenses comprises of. (a) Remuneration paid for the year inclusive the followings: ) Salaries and allowances (1) Staff training and development program (i) Leave passage to Pulau Panakor for staff (iv) Employee Provident Funds' contribution (v) Allowance for internship students (vi) Staff medical benefits RM 550,000 75,000 130,000 200,000 20,000 120,000 1,095,000 Company also hiring five (5) disabled employees which been paid for RM1,200 per month.

Answer rating: 100% (QA)

ANSWER first we calculate total amount of expenses RM Operating expenses 1095000 Professional and legal fees 77000 Repairs and maintenance expenses 47100 Entertainment expenses 110500 Miscellaneous ex... View the full answer