Question: Question 2 (30 marks) Randy Chan (Randy) was a British-born Chinese whose home base was in the UK. He commenced his employment with Dragon PLC

Question 2 (30 marks) Randy Chan (Randy") was a

Question 2 (30 marks) Randy Chan (Randy") was a British-born Chinese whose home base was in the UK. He commenced his employment with Dragon PLC (Dragon), a company incorporated in the UK, as the Asian Regional Marketing Manager of Dragon's branch office in Hong Kong on 1 April 2019. One of his duties was to travel over Asian countries such as Malaysia and Indonesia to oversee Dragon's business in these countries. His employment contract was negotiated and concluded in London. Randy's remuneration was remitted to Randy's bank account maintained in London in Hong Kong Dollars. Randy's travelling schedule in Asia during the year of assessment 2019/20 has been extracted as follows: Year Date Place of Stay Purpose of Stay 2019 1 Apr - 12 Apr 16 May - 23 Jul 15 Aug - 30 Aug 5 Sep - 20 Sep 7 Oct - 19 Oct 17 Nov - 2 Dec 20 Jan - 2 Feb 7 Mar - 31 Mar Hong Kong Business Hong Kong Business and 5 days of Annual Leave Hong Kong Business Malaysia/Indonesia Business Hong Kong Business Hong Kong Business Singapore/Taiwan/Japan Business and 10 days of Annual Leave Hong Kong Business 2020 The following information relates to Randy for the year of assessment 2019/20 (all amounts are denominated in Hong Kong dollars): (1) Dragon paid Randy a basic salary of $100,000 per month. Randy contributed 5% of this salary to the MPF. (2) Entertainment Allowance of $20,000 per month was paid in cash to Randy by Dragon. (3) Randy's total utility bills amounted to $35,000. Out of which $20,000 was reimbursed by Dragon PLC. (4) During Randy's time in Hong Kong, he stayed in a serviced apartment at a monthly rental of $20,000. This was paid for by Dragon directly to the serviced apartment vendor company. (5) Dragon made a total payment of $120,000 to cover the university fees of Randy's daughter. His daughter is aged 18 and was studying full-time at a university in Coventry, UK in the year of assessment. Randy's son is aged 23, graduated in 2017 and now working as a freelance designer in the UK. (6) Dragon provided a company car and a driver for Randy's use when visiting customers in Hong Kong. The cost of the company car was $200,000. The driver was hired by Dragon at $10,000 per month. Total petrol and maintenance costs amounted to $20,000 for the year. All costs were borne by Dragon

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!

The following expenditures related to property, plant, and equipment were made by Pascal Company: 1. Paid $400,000 for a new plant site. 2. Paid $5,000 in legal fees on the purchase of the plant...

Question 2 (30 marks) Randy Chan (Randy) was a British-born Chinese whose home base was in the UK. He commenced his employment with Dragon PLC (Dragon), a company incorporated in the UK, as the Asian...

Randy Chan (Randy) was a British-born Chinese whose home base was in the UK. He commenced his employment with Dragon PLC (Dragon), a company incorporated in the UK, as the Asian Regional Marketing...

View the 2013 Annual Report for the Ford Motor Company, a Fortune 50 company, linked here as well as on the Course Information page. Using this report, answer the following questions: Does the...

(7) On 1 May 2019, Randy was granted a share option to acquire 10,000 shares at an exercise price of $10 per share. Randy paid $5,000 for the option. On 14 October 2019, Randy exercised the option to...

Question 2 (25 marks) Randy Rais wanted to start home-based business that would specialize in selling posters. The business would be operated from his principal residence. He set aside 20% of the...

can you please help me solve this assignment quesions? ASSIGNMENT BAcc 2016 LETTER SEMESTER (2) [FINANCIAL ACCOUNTING 3B] [AFE3872] DUE DATES Assignment 1 Assignment 2 Assignments Resubmissions...

Students MUST ANSWER QUESTION 1 Section A: QUESTION I (Compulsory) The following trial balance was extracted from the books of Makem Ltd, as at 30th September 2019: Credit Debit 500,000 200,000...

TACC505NA T5 2017 Assignment Question 1 (20 marks) January Ltd's equity at 30 June 2016 was as follows: 400 000 ordinary shares, issued at $1.60, fully paid 500 000 ordinary shares, issued at $2,...

FACULTY OF COMMERCE, MANAGEMENT AND LAW QUESTION 1 [40 MARKS] You were recently appointed as the group financial accountant of the Strawberry Ltd group of companies. The accountants of the various...

Chromel is an alloy composed of nickel, iron, and chromium. A 0.6553-g sample was dissolved and diluted to 250.0 mL. When a 50.00-mL aliquot of 0.05173 M EDTA was mixed with an equal volume of the...

You have prepared a protein extract from a tissue, and before running an SDS polyacrylamide gel, you need to determine the protein concentration in the extract, so you know what volume of extract you...

Wal - Mart generates profits from a ( high mark up / high volume of sales ) . What other companies have a low - cost high - volume strategy? ( CC / BBY / DELL / AAPL ) Contributing to CC and BBY s...

Read the articles on journaling and review the template provided. Identify what approach, to journaling, in the articles you found useful and why. Post to the discussion forum that you have reviewed...