On 1st January 2023, Puan Ainah discovered that her EPF accounts balances were RM480,585 (Account 1)...
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On 1st January 2023, Puan Ainah discovered that her EPF accounts balances were RM480,585 (Account 1) and RM205,965 (Account 2). She has many plans for 2023 to utilize her EPF accounts for both investments and withdrawals. Her plans included: a) To invest in Public Mutual Berhad a sum of RM20,000 in March 2023 and in CIMB Principal Berhad a sum of RM25,000 in August 2023. (Puan Ainah will be 46 years old on 14 February 2023 and her basic savings requirement is RM134,000). b) Puan Ainah is planning to withdraw a sum of RM24,000 to finance the tuition fees of her daughter who is currently pursuing her Bachelor Degree in Horticulture at the National University of Singapore. c) Puan Ainah is also planning to perform her Umrah in Mecca in June 2023 and anticipated that the total cost of Umrah package will be around RM10,000. d) Puan Ainah also plans to buy a second apartment that will cost her around RM320,000. She anticipated that she can get an 0% financing from the bank. However, she has no intention of selling her current single-storey house which she had made a withdrawal from EPF way back in 2010. Puan Ainah has approached you for advice. You need to compute the following in order to advise Puan Ainah. i) The maximum amount that Puan Ainah can actually invest for both her investments. ii) Compute the balance amount that Puan Ainah has in both her EPF accounts after the intended investments and eligible withdrawals have been made assuming there will be no further contributions in 2023. iii) Advise Puan Ainah on her choice of withdrawals that are allowed in EPF account 2. On 1st January 2023, Puan Ainah discovered that her EPF accounts balances were RM480,585 (Account 1) and RM205,965 (Account 2). She has many plans for 2023 to utilize her EPF accounts for both investments and withdrawals. Her plans included: a) To invest in Public Mutual Berhad a sum of RM20,000 in March 2023 and in CIMB Principal Berhad a sum of RM25,000 in August 2023. (Puan Ainah will be 46 years old on 14 February 2023 and her basic savings requirement is RM134,000). b) Puan Ainah is planning to withdraw a sum of RM24,000 to finance the tuition fees of her daughter who is currently pursuing her Bachelor Degree in Horticulture at the National University of Singapore. c) Puan Ainah is also planning to perform her Umrah in Mecca in June 2023 and anticipated that the total cost of Umrah package will be around RM10,000. d) Puan Ainah also plans to buy a second apartment that will cost her around RM320,000. She anticipated that she can get an 0% financing from the bank. However, she has no intention of selling her current single-storey house which she had made a withdrawal from EPF way back in 2010. Puan Ainah has approached you for advice. You need to compute the following in order to advise Puan Ainah. i) The maximum amount that Puan Ainah can actually invest for both her investments. ii) Compute the balance amount that Puan Ainah has in both her EPF accounts after the intended investments and eligible withdrawals have been made assuming there will be no further contributions in 2023. iii) Advise Puan Ainah on her choice of withdrawals that are allowed in EPF account 2.
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Answer 1 i The maximum amount that Puan Ainah can actually invest for both her investments isRM48058... View the full answer
Related Book For
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
Posted Date:
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