06-03 - TAX MIA QE/MAC 2006 ANSWER 1 Computation of Tax...

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TAX MIA QE/MAC 2006 1 CONFIDENTIAL ANSWER 1 Computation of Tax Payable of Sporty Sdn Bhd YA 2005 (a) Note RM’000 Net profit before taxation 2,496 (-) Other Income: Dividends (1038) Interest (650) Adjustments: Sales (mv) 1 510 Sales return (2210 – 1912) 2 (298) Cost of sales: 3 Closing inventory (680 – 560) 120 Stock – customer NIL Provision for stock obsolescence 390.5 Remuneration: 4 Blind executive (1800 x 12) (21.6) EPF [610,645 – 19% (2,890,000 – 144,500)] 89 Provision (5% x 2,890) 144.5 Selling and distribution: 5 Trade fair (420) Advertising NIL Professional fees: Tax and accounting 6 NIL Secretarial fees NIL Technical fees – Desire Ltd 52 Legal fees 20 Bank charges: 7 Interest 47 Overdraft NIL Repairs and maintenance: 8 Upgrading 25.5 Resurfacing NIL Machinery & vehicle NIL Rewiring NIL Renovation of office 310 Bad & doubtful debts: 9 Written off 67 Increase in general provision 312 Increase in specific provision NIL Bad debts recovered (NIL) Foreign exchange loss: 10 Unrealised losses 39 Realised loss 35 Unrealised gain (15)
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TAX MIA QE/MAC 2006 2 CONFIDENTIAL Van – loss 11 21 Contributions: 12 Cash contribution (298 – 100) 198 Donation (approved) 200 Contribution (research) (150) Health care facilities 145 Transport & travelling: 13 Marine insurance (108) Freight charges NIL Travelling allowances NIL Leave passage 28 Miscellaneous expenses: 14 Medical insurance NIL Fire insurance NIL Losses due to theft NIL Insurance claim (15) Traffice fines 5 Compensation: 15 Damaged goods NIL Sports company 315 Training 16 (25) Scholarship : 17 Tham NIL Azida 30 Depreciation 482 Amortization of goodwill 180 Adjusted Income 3,520,900 (+) Balancing Charge 25,000 (-) Capital Allowances (345,000) Statutory Income 3,200,900 (-) Brought Forward loss (229,000) 2,971,900 (+) Other Income: Sec 4 (c) Dividend - Interim 500,000 - Final 600,000 1,100,000 - Camp (exempt) NIL Aggregate Income 4,071,900 (-) Approved donation (200,000) (restricted to 5% of aggregate) Health care facilities NIL Total/chargeable income 3,871,900 =======
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TAX MIA QE/MAC 2006 3 CONFIDENTIAL Tax @ 28% on 3,871,900 RM1,084,132 (-) Tax Credit (28% x 1100,000) (308,000) Tax Payable RM776,132 ========= (17 marks) (b) Aura Bhd RM YA 2000 (year ended 31/3/2000) QBE (2,800,000 – 1,200,000) 1,600,000 IA 10% (160,000) AA 3% (48,000) RE 1,392,000 YA 2001 (year ended 31/3/2001) AA 3% (48,000) RE 1,344,000 YA 2002 (year ended 31/3/2002) AA 3% (48,000) RE 1,296,000 YA 2003 (year ended 31/3/2003) AA 3% (48,000) RE 1,248,000 YA 2004 (year ended 31/3/2004) 1/2/2004 S. Proceed (3,750 – 1,400) 2,350,000
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This note was uploaded on 11/10/2010 for the course UM ceaa1122 taught by Professor Sam during the Spring '10 term at Calumet College.

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06-03 - TAX MIA QE/MAC 2006 ANSWER 1 Computation of Tax...

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