Soon Kit also owns GetwellSooN Pharmacy since January 2021. The following is income statement of the...

    

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Soon Kit also owns GetwellSooN Pharmacy since January 2021. The following is income statement of the pharmacy for the year ended 31 December 2022: Sales Less: Cost of sales Compute the total income of Soon Kit for the year of assessment 2022. Gross profit Less: Operating Expenses EPF Remuneration Rental Utilities GetwellSoon Pharmacy Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31 December 2022 RM Entertainment Provision for bad debt Donations Fines Note S 1 2 3 5 6 7 8 9 212,000 42,000 40,000 32,000 8,000 4,000 30,000 3,000 RM 940,000 (380,000) 560,000 Loan repayment Depreciation Gifts Business license (renewal) Other expenses Net profit Notes to the account: 1 2 3 Remuneration consists of: Soon Kit's salary EPF is for: 10 Soon Kit 11 Employees 12 16,000 9,000 Included in the cost of sales are medicine taken for Soon Kit's family, the cost is RM4,400 while the selling price is RM6,000. 10,000 4,000 Leave passage for Soon Kit Employees' salary (10% of employees' salary is paid to a disabled employee) 12,000 (422,000) 138,000 48,000 14,000 150,000 9,600 32,400 4. 5 . 6 7 8 9 Rental of business premise that belonged to Razi S-Kit Synergy. Included in the utilities is the electrical bill for Soon Kit's house amounted to RM4,000. Entertainment expenses are related to: Client Employees Food and refreshment for custo Provision for bad debt consists of: Specific provision General provision Donations comprise of: istomer Cash contribution to a sport event (approved) Contribution of defibrillators to a district medical centre Fines include: RM 4,400 2,400 1,200 RM 2,400 1.600 RM 5,000 25,000 1 0 1 1 Fines for late payment of sales tax The gifts consist of: The amount of loan repayment is the charge on the term loan to finance the business operation. The amount includes an interest of eight percent per annum. Personal gifts given away to COVID-19 victims Refreshment provided to public vaccine centers Training amount includes: Tax preparation workshop to Soon Kit Cost of renovation of business premises - staff recreation room and prayer room RM Additional information: 2,300 RM 8,000 2,000 RM 4,000 8,000 Capital allowance for the year is calculated for RM8,400 but not including a van purchased in June 2022. The van is not licensed for commercial transportation. The cost of the van was RM48,000 but Soon Kit paid cash of RM10,000 and agreed to pay instalment of RM1,500 for three years starting from July 2022. Unabsorbed business loss of RM9,400. Soon Kit and Phaik Har adopted Meena, aged ten days, on 1 October 2022. Previously, they adopted Yong Woo in year 2010, she is now aged 20 years old. She is an autism and currently pursuing her study in Bachelor of Technology at Curtin University Malaysia. Adoption had been carried out via proper legal procedures. They reported the following information related to their expenses for year 2022. Soon Kit paid for the followings: a. RM5,000 for a complete medical check-up of Meena to ensure that she is well. b. RM14,000 nursing fees for his father at an approved nursing centre. c. Purchased magazines and a smartphone worth RM500 and RM4,800 (in May 2022) respectively. d. RM4,800 for gym membership besides purchased of boxing equipment for RM1,000. He also pay RM1,000 for the usage of a boxing centre. e. RM2,400 monthly internet subscription under his name and RM1,200 under Yong Woo's name. f. Annual premium for his children medical insurance policy and education insurance policy of RM3,000 and RM4,000 respectively. g. Paid RM6,000 to a helper to take care of Meena at home. h. Paid RM5,500life insurance premium - policy under his name. Soon Kit also owns GetwellSooN Pharmacy since January 2021. The following is income statement of the pharmacy for the year ended 31 December 2022: Sales Less: Cost of sales Compute the total income of Soon Kit for the year of assessment 2022. Gross profit Less: Operating Expenses EPF Remuneration Rental Utilities GetwellSoon Pharmacy Statement of Profit or Loss and Other Comprehensive Income for the Year Ended 31 December 2022 RM Entertainment Provision for bad debt Donations Fines Note S 1 2 3 5 6 7 8 9 212,000 42,000 40,000 32,000 8,000 4,000 30,000 3,000 RM 940,000 (380,000) 560,000 Loan repayment Depreciation Gifts Business license (renewal) Other expenses Net profit Notes to the account: 1 2 3 Remuneration consists of: Soon Kit's salary EPF is for: 10 Soon Kit 11 Employees 12 16,000 9,000 Included in the cost of sales are medicine taken for Soon Kit's family, the cost is RM4,400 while the selling price is RM6,000. 10,000 4,000 Leave passage for Soon Kit Employees' salary (10% of employees' salary is paid to a disabled employee) 12,000 (422,000) 138,000 48,000 14,000 150,000 9,600 32,400 4. 5 . 6 7 8 9 Rental of business premise that belonged to Razi S-Kit Synergy. Included in the utilities is the electrical bill for Soon Kit's house amounted to RM4,000. Entertainment expenses are related to: Client Employees Food and refreshment for custo Provision for bad debt consists of: Specific provision General provision Donations comprise of: istomer Cash contribution to a sport event (approved) Contribution of defibrillators to a district medical centre Fines include: RM 4,400 2,400 1,200 RM 2,400 1.600 RM 5,000 25,000 1 0 1 1 Fines for late payment of sales tax The gifts consist of: The amount of loan repayment is the charge on the term loan to finance the business operation. The amount includes an interest of eight percent per annum. Personal gifts given away to COVID-19 victims Refreshment provided to public vaccine centers Training amount includes: Tax preparation workshop to Soon Kit Cost of renovation of business premises - staff recreation room and prayer room RM Additional information: 2,300 RM 8,000 2,000 RM 4,000 8,000 Capital allowance for the year is calculated for RM8,400 but not including a van purchased in June 2022. The van is not licensed for commercial transportation. The cost of the van was RM48,000 but Soon Kit paid cash of RM10,000 and agreed to pay instalment of RM1,500 for three years starting from July 2022. Unabsorbed business loss of RM9,400. Soon Kit and Phaik Har adopted Meena, aged ten days, on 1 October 2022. Previously, they adopted Yong Woo in year 2010, she is now aged 20 years old. She is an autism and currently pursuing her study in Bachelor of Technology at Curtin University Malaysia. Adoption had been carried out via proper legal procedures. They reported the following information related to their expenses for year 2022. Soon Kit paid for the followings: a. RM5,000 for a complete medical check-up of Meena to ensure that she is well. b. RM14,000 nursing fees for his father at an approved nursing centre. c. Purchased magazines and a smartphone worth RM500 and RM4,800 (in May 2022) respectively. d. RM4,800 for gym membership besides purchased of boxing equipment for RM1,000. He also pay RM1,000 for the usage of a boxing centre. e. RM2,400 monthly internet subscription under his name and RM1,200 under Yong Woo's name. f. Annual premium for his children medical insurance policy and education insurance policy of RM3,000 and RM4,000 respectively. g. Paid RM6,000 to a helper to take care of Meena at home. h. Paid RM5,500life insurance premium - policy under his name.

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