Blue Lagoon Bhd, a co-operative society, reported the following income and expenditure for the year ended...

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Blue Lagoon Bhd, a co-operative society, reported the following income and expenditure for the year ended 31 December 2021: Income Sales Membership fees Dividend income Rental income Interest income Expenditure 111. Audit fees Board meeting allowances Salaries and bonus Employment Provident Fund (EPF) Insurance Entertainment Traveling Telephone, postage and stationery Repairs and maintenance Depreciation Utilities Donation Share capital Subscription capital Share premium account Retained earnings Statutory reserve Amount transferred to various funds: Educational institution Co-operative Education Fund Statutory reserve fund RM 930,000 610,000 43,000 396,000 56,000 RM RM 250,000 350,000 100,000 1,500,000 460,000 13,000 48,000 30,000 10,000 28,000 48,000 5,000 11,000 4,000 Net profit Additional information: The amount of donation includes RM1,000 donation to an unapproved institution. Members fund as at 1 January 2021 consist of 43,000 29,000 13,000 38,000 13,000 3.000 RM 2,051,000 (245.000) 1.806.000 REQUIRED: Compute the chargeable income for Blue Lagoon Bhd for the year of assessment 2021. Blue Lagoon Bhd, a co-operative society, reported the following income and expenditure for the year ended 31 December 2021: Income Sales Membership fees Dividend income Rental income Interest income Expenditure 111. Audit fees Board meeting allowances Salaries and bonus Employment Provident Fund (EPF) Insurance Entertainment Traveling Telephone, postage and stationery Repairs and maintenance Depreciation Utilities Donation Share capital Subscription capital Share premium account Retained earnings Statutory reserve Amount transferred to various funds: Educational institution Co-operative Education Fund Statutory reserve fund RM 930,000 610,000 43,000 396,000 56,000 RM RM 250,000 350,000 100,000 1,500,000 460,000 13,000 48,000 30,000 10,000 28,000 48,000 5,000 11,000 4,000 Net profit Additional information: The amount of donation includes RM1,000 donation to an unapproved institution. Members fund as at 1 January 2021 consist of 43,000 29,000 13,000 38,000 13,000 3.000 RM 2,051,000 (245.000) 1.806.000 REQUIRED: Compute the chargeable income for Blue Lagoon Bhd for the year of assessment 2021.

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To compute the chargeable income for Blue Lagoon Bhd we need to first calculate the taxable income T... View the full answer