En Shah, a Malaysian resident, furnished the following information for preparation of his return for the year
Question:
En Shah, a Malaysian resident, furnished the following information for preparation of his return for the year of assessment 2018.
i. Interest:
a. Fixed deposit account with CIMB Bank for 9 months RM3,300.
b. Hong Kong Bank in Penang RM6,000 (remitted RM4,000 on 18.7.2018).
ii. Royalty received on 30.10.2018 from the publisher in respect of translation of books for a sum of RM18,600.
En Shah owns a house in Damansara and provided the following information:
Rental receipts: | RM |
January to April (RM900 monthly) | 3,600 |
May to June | Vacant |
August to December (RM1,200 per month) | 6,000 |
Expenses: | |
Assessment and quit rent | 680 |
Interest on loan | 2,800 |
Penalty for payment of quit rent | 35 |
En Shah’s wife, Pn Aminah is a housewife and owns a property in Ipoh (fully furnished):
RM | |
Rateable values | 8,420 |
Assessment and quit rent | 730 |
Interest on loan | 2,400 |
General repairs | 1,300 |
En Shah and his family occupy the house in Ipoh. His father owns a bungalow in Port Dickson. En Shah is allowed to occupy the property (evidence in writing) rent free. Rateable values of the property in Port Dickson (fully furnished) RM15,000 and he incurred the following expenditure:
RM | |
Assessment and quit rent | 810 |
Gardener | 4,800 |
Gate repair | 1,200 |
Interest on loan | 4,200 |
Required: Compute the aggregate income for En Shah and Pn Aminah for the year of assessment 2018.
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen