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T3 Corporate Tax Q1 Q2 2

п»їLecture 3: Business Tax

Article Question

Question 1

Dinishah Sdn Bhd manufactures glass products for the local and export market segments. The company's profits statement intended for the year ended 31 January 2011 can be as follows:

Notes

RM

Product sales revenue

1, 2 hundred, 000

Less: Cost of sales

1

(230, 000)

Gross profit

970, 000

Operating bills

2-6

(650, 000)

Revenue before taxes

320, 000

Notes

1

Cost of sales contains the following:

RM

Dotacion for stock obsolescence

five, 000

Insurance premium paid into a company incorporated in Malaysia,

to get insuring raw materials supplied coming from Hong Kong

6th, 000

11, 500

RM

a couple of

Personnel welfare costs includes leave passage for a director.

15, 000

3

The company received the following fees:

RM

Interest upon overdue transact account payables

5, 000

Interest on overdue corporate mastercard account

two, 500

Legal fees upon securing a fresh term loan

doze, 000

19, 500

four

Negative and skeptical debts (all trade in nature) happen to be as follows: RM

Money owed written off during the year

15, 000

General supply at season end 23 December 2011

12-15, 000

Specific supply at 12 months end 23 December 2011

doze, 000

Bad debts reclaimed during the year

(9, 000)

General provision at 31 12 , 2010

(12, 000)

Particular provision in 31 12 , 2010

(7, 500)

Billed to cash flow statement

8, 500

your five

Via shawls by hoda and sociable contributions

RM

(i) Donations:

In cash to:

- a womens' tumor centre (this is an approved community project) 12-15, 000

- a project of national interest (approved by the minister) 6, 500

Manuscript to the government (valued at RM 100, 1000 by the Section of Museum Malaysia)

204, 1000

240, 500

(ii) Since the company's investors are Muslim, the company lead 'zakat perniagaari of RM210, 000 during the year. (iii) You’re able to send office building was renovated in a cost of RM20, 1000 for the

installation of safety features to create a safe environment for disabled personnel.

(iv) The company contributed towards the purchase and teaching of information dogs

for blind employees of your shopping sophisticated dedicated to the employment of

the sightless. The contribution was highly valued by the metropolis council by RM20, 000

6

The company paid out the following subscribers:

RM

Corporate account subscription to a recreation team

2, 500

Promoting fee over a new billboard

1, two hundred

Restoration of control licence cost

2, 1000

five, 200

7. (i) The unabsorbed capital permitting brought forwards from the year of assessment 2010 is definitely RM11, 500. (ii) The current year capital allowance is usually RM18, 000.

(iii) The unabsorbed loss helped bring forward from the year of assessment 2010 is RM10, 000. (iv) The company has a balancing allocation of RM7, 000 in respect of the convenience of a motor vehicle Required:

Compute Dinishah Sdn Bhd's chargeable income intended for the year of assessment 2011. Note: Your computation ought with the 'Profit before tax' figure and really should include each of the items reported in remarks 1 to 7, suggesting by the use of the phrase 'NIL' wherever no adjusting or inclusion is needed. Marks will be awarded for the use of correct technical terms to explain the characters comprising the stages inside the computation of chargeable salary.

Lecture a few: Corporate Duty

Tutorial Q

Question two

Thrivandrum Sdn Bhd grows and generates educational items for sale nearby and abroad. The company's salary statement for the year ended 31 December 2011 is definitely expected to always be as follows:

Note

RM

RM

Sales earnings

900, 000

Less: Expense of sales

(200, 000)

Major profit

700, 1000

Local rental income

you

10, 000

Dividend

2

almost 8, 000...

03.09.2019

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