F6mys_2009_dec_ans - Answers 13 Fundamentals Level – Skills Module Paper F6(MYS December 2009 Answers Taxation(Malaysia and Marking Scheme Notes

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Unformatted text preview: Answers 13 Fundamentals Level – Skills Module, Paper F6 (MYS) December 2009 Answers Taxation (Malaysia) and Marking Scheme Notes: 1. All references to legislation or public rulings shown in square brackets are for information only and do not form part of the answer expected from candidates. 2. Marks indicated as ‘*’ are awarded for the allocation of the appropriate description of the fi gure calculated, not the fi gure itself. Marks 1 May, Teng, Yusof and Jane (a) (i) Provisional adjusted income and divisible income of the partnership – Year of assessment 2009 (Basis period 1 January to 31 December 2009) RM RM Net profi t per partnership accounts 276,900 1 / 2 Less: Rental income (18,000 ) 1 / 2 –––––––– 258,900 Add: Depreciation 33,100 1 / 2 Private expenses 7,000 1 / 2 Partners’ salaries 84,000 1 / 2 Interest on capital 10,100 1 / 2 Donations (RM10,000 + 18,000 + 4,000) 32,000 1 1 / 2 ––––––– 166,200 –––––––– Provisional adjusted income 425,100 * 1 / 2 Less: Private expenses: May 3,000 Yusof 4,000 ––––––– 7,000 1 / 2 Partners’ salaries: May 30,000 Teng 36,000 Jane 18,000 ––––––– 84,000 1 / 2 Interest on capital: May 5,700 Yusof 2,400 Jane 2,000 ––––––– 10,100 1 / 2 ––––––– (101,100 ) –––––––– Divisible income 324,000 * 1 / 2 –––––––– ––– 7 – – – 14 Marks (ii) Total income of the partners – Year of assessment 2009 (Basis period 1 January to 31 December 2009) May Teng Yusof Jane RM RM RM RM Profi t sharing ratio 1 January to 30 June 2/4 1/4 1/4 Nil 1 July to 31 December 1/3 1/3 Nil 1/3 Salary 30,000 36,000 Nil 18,000 1 1 / 2 Interest on capital 5,700 Nil 2,400 2,000 1 1 / 2 Private expenses 3,000 Nil 4,000 Nil 1 Divisible income: RM324,000 x 6/12 = 162,000 1 / 2 (RM162,000) 81,000 40,500 40,500 – 1 1 / 2 (RM162,000) 54,000 54,000 – 54,000 1 1 / 2 –––––––– –––––––– ––––––– ––––––– Adjusted income 173,700 130,500 46,900 74,000 * 1 / 2 Less: Capital allowance: (RM21,000/3)** (7,000) (7,000) Nil (7,000) 3 –––––––– –––––––– ––––––– ––––––– Statutory income 166,700 123,500 46,900 67,000 * 1 / 2 Add: Rental income: (RM18,000 x 6/12 = 9,000) 1 / 2 1 January to 30 June (RM9,000) 4,500 2,250 2,250 Nil 1 1 / 2 1 July to 31 December (RM9,000) 3,000 3,000 Nil 3,000 1 1 / 2 –––––––– –––––––– ––––––– ––––––– Aggregate income 174,200 128,750 49,150 70,000 * 1 / 2 Less: Approved donations 1 January to 30 June (RM10,000/4) (5,000) (2,500) (2,500) Nil 1 1 / 2 1 July to 31 December (RM18,000/3) (6,000) (6,000) Nil *(4,900) 1 1 / 2 –––––––– –––––––– ––––––– ––––––– Total income 163,200 120,250 46,650 65,100 * 1 / 2 –––––––– –––––––– –––––––...
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This note was uploaded on 11/10/2010 for the course ACCT Caea2216 taught by Professor Akma during the Spring '10 term at Assumption College.

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F6mys_2009_dec_ans - Answers 13 Fundamentals Level – Skills Module Paper F6(MYS December 2009 Answers Taxation(Malaysia and Marking Scheme Notes

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