Micpa - Caanz Programmme
Essay by Ahmad Hazazi Zahrullail • October 16, 2016 • Course Note • 3,427 Words (14 Pages) • 927 Views
Cover sheet[pic 1][pic 2]
Candidate ID Word count
[pic 3][pic 4]
2/1391AS 2194
TAX116 Project (2700 words)
Candidate declaration
I declare that:
- This is my own original work and I have acknowledged all materials, sources and references used in the preparation of this assignment.
- I have abided by the Institute’s Bye-Laws.
- This assignment has not been submitted previously for assessment.
- I have not copied in part or whole or plagiarised the work of other candidates, students and/or authors.
- The electronic version of this assignment has been submitted in compliance with the project requirements.
I consent to the Institute notifying my employer and/or any tertiary institution at which I am enrolled if this assignment constitutes an actual or reasonably suspected breach of any of the Institute’s Bye-Laws and Exam Regulations.
I acknowledge that the Institute will retain the original of this assignment.
In submitting this assignment to the Institute, I declare it is my own work undertaken for the purpose of meeting the assessment requirements of the MICPA-CAANZ Programme module in which I am currently enrolled.
I understand that the Institute will check my assignment for plagiarism and will retain a copy of my assignment for future plagiarism checking.
This declaration confirms the above statements.
Signature: Hazazi Date: 7/03/2016[pic 5][pic 6][pic 7]
QUESTION 1.
Computation of chargeable income of Alumin Sdn Bhd for the year of assessment 2015.
Notes | RM’000 | RM’000 | |
Profit before taxation | 167,752 | ||
Depreciation | 714 | ||
Dividend | (260) | ||
Gain from disposal of real property | (215) | ||
Interest charges from investing shares | (i) | 12 | |
Interest charges- working capital | NIL | ||
Local technical consultant | NIL | ||
Compensation paid to a manufacturer for selling defect product | 15 | ||
Cost incurred on export market research (double deduction) | (10) | ||
Cost of advertising (locally) | NIL | ||
General trade debts provision | 564 | ||
Specific bad debts | NIL | ||
Bad debts written off (debts taken over from business acquisition) | 372 | ||
Advance to supply raw materials | 1,400 | ||
Debt from a dealer | NIL | ||
Commission paid | (ii) | 15 | |
Cost of maintaining sales team | NIL | ||
Customer entertainment related to sales (50% deductible) | 109 | ||
Staff annual dinner | NIL | ||
Cost of sample given free at trade fair | (iii) | NIL | |
Family day expenses for company employees | NIL | ||
Sales personnel entertainment allowance (50% deductible) | 99 | ||
Congratulatory and condolence messages at local newspaper in respect of customers of the company (50% deductible) | 3.5 | ||
Unrealised loss - purchase of raw materials | 18 | ||
Realised loss on purchase of raw materials | NIL | ||
Realised loss – technical fees | NIL | ||
Freight and insurance (double deduction) | (430) | ||
Lease charges-Lorry | NIL | ||
Lease charges-Car1 (max lease=50,000 ) | 38 | ||
Lease charges - Car 2 (max=100)-(70+47) =17,000 | 17 | ||
Fines and compounds for various traffic offences | 25 | ||
Remuneration and EPF - disabled employees (double deduction) | (180) | ||
EPF (15% < 19% ) | NIL | ||
Embezzled from the payroll by ex-director | 210 | ||
Advance | 60 | ||
Technical assistance fee | 162 | ||
Travelling expenses of the French engineers | 25 | ||
Registration of trademark and product licensing overseas (double deduction) | (32) | ||
Staff recruitment | NIL | ||
Legal fee for collecting debts | NIL | ||
Legal fee for removing a director | 16 | ||
Consultant fee on the company's restructuring programme | 32 | ||
Donation -section 34 (h) | NIL | ||
2,779.5 | |||
Adjusted Income | 170,531.5 | ||
Less : Capital allowances | (935) | ||
Statutory Business Income | 169,596.5 | ||
Add : Dividend income (exempted) | NIL | ||
Aggregate Income | 169,596.5 | ||
Less : Approved donations | |||
Cash contribution | (15) | ||
Books (N/A) | NIL | ||
Chargeable Income | 169,581.5 |
...
...