REQUIRED : Compute the statutory business income for Taska Al-Qauthar for the year assessment 2021 inclusive of
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REQUIRED :
Compute the statutory business income for Taska Al-Qauthar for the year assessment 2021 inclusive of the computation of capital allowance, balancing charge, or balancing allowance (if any) for all relevant years of assessment up to a year of assessment 2021. Show all workings
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Pasti Al-Qauthar (an approved child care center) and GST registrant owned by Encik Sofian commenced business on 1 July 2010 and made up its accounts annually to 31 December every year. For the year 2021 Pasti Al-Qauthar account reported RM45,000 net profit. Inclusive in the computation of Pasti Al-Qauthar net profit are: Type of asset/ Date bought Car 1 February 2018 Computer 1 July 2020 Computer 1 December 2021 Van 1 April 2017. Play Set (asset) 1 August 2015 Photocopy machine 1 January 2017 Price Deposit RM45,000 paid on 1 February Hire purchase (noncommercial). 2018. The company pays 8month The monthly installment begins installment of RM2,000. The cash price of the car was RM155,000. on 1 March 2018. The second-hand computer cost RM2,000. The computer was disposed of on 1 October 2021 for RM1,500 due to low capacity and cannot cope with the business needs of preparing graphic drawings for the children. To replace the old computer. Brand new computer RM6,000 The van is licensed as a commercial vehicle. The cost of the van is RM130,000. Remarks Pasti Al-Qauthar purchase a playset (includes swing, slide, and seesaw) which has been installed in the front yard. Purchase price RM50,000, GST RM300. Cost of preparing the site for installation of the playset. RM5,600. This machine is solely used to print materials to be distributed for children's activities. The cost of the asset is RM26,000. Pasti Al-Qauthar used the van to carry the children on excursions. This asset can only be used by Pasti Al- Qauthar registered children. The photocopy machine is sold to Encik Sofian old friends on 1 December 2021 for RM5,000 and the company decided to search for an advanced photocopy machine. (a) Depreciation of RM50,000 for the following asset (b) Repair and maintenance of the van RM12,000. (c) Cost of purchasing baby bath set RM2,600. (d) Rental income received by Encik Sofian RM12,000 has been included in the company account (e) Advertising costs of RM500. (f) Salary of RM72,000. The total EPF deduction was RM14,400. Inclusive in the total salary is the salary paid to Ros, deaf worker which has been registered with "Jabatan Kebajikan Masyarakat" RM1,000 per month. She has been working with Pasti Al- Qauthar since 1 July 2021. Pasti Al-Qauthar (an approved child care center) and GST registrant owned by Encik Sofian commenced business on 1 July 2010 and made up its accounts annually to 31 December every year. For the year 2021 Pasti Al-Qauthar account reported RM45,000 net profit. Inclusive in the computation of Pasti Al-Qauthar net profit are: Type of asset/ Date bought Car 1 February 2018 Computer 1 July 2020 Computer 1 December 2021 Van 1 April 2017. Play Set (asset) 1 August 2015 Photocopy machine 1 January 2017 Price Deposit RM45,000 paid on 1 February Hire purchase (noncommercial). 2018. The company pays 8month The monthly installment begins installment of RM2,000. The cash price of the car was RM155,000. on 1 March 2018. The second-hand computer cost RM2,000. The computer was disposed of on 1 October 2021 for RM1,500 due to low capacity and cannot cope with the business needs of preparing graphic drawings for the children. To replace the old computer. Brand new computer RM6,000 The van is licensed as a commercial vehicle. The cost of the van is RM130,000. Remarks Pasti Al-Qauthar purchase a playset (includes swing, slide, and seesaw) which has been installed in the front yard. Purchase price RM50,000, GST RM300. Cost of preparing the site for installation of the playset. RM5,600. This machine is solely used to print materials to be distributed for children's activities. The cost of the asset is RM26,000. Pasti Al-Qauthar used the van to carry the children on excursions. This asset can only be used by Pasti Al- Qauthar registered children. The photocopy machine is sold to Encik Sofian old friends on 1 December 2021 for RM5,000 and the company decided to search for an advanced photocopy machine. (a) Depreciation of RM50,000 for the following asset (b) Repair and maintenance of the van RM12,000. (c) Cost of purchasing baby bath set RM2,600. (d) Rental income received by Encik Sofian RM12,000 has been included in the company account (e) Advertising costs of RM500. (f) Salary of RM72,000. The total EPF deduction was RM14,400. Inclusive in the total salary is the salary paid to Ros, deaf worker which has been registered with "Jabatan Kebajikan Masyarakat" RM1,000 per month. She has been working with Pasti Al- Qauthar since 1 July 2021.
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Statutory Business Income for Taska AlQauthar for the Year Assessment 2021 Capital Asset Car Purchas... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
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