Scribd
Upload
160 views3 pages

Chapter 8 - Answer Tutorial

This document contains computations of statutory income for three individuals - Amiruddin, En. Aqil, and Fatini - for the year 2021. It lists their net profit before tax, additions and subtractions of various income and expenses to determine their adjusted income, capital allowances, and final statutory income. Key details include Amiruddin's statutory income of RM91,459, En. Aqil's of RM542,180, and Fatini's of RM130,005.

Uploaded by

NUR ALEEYA MAISARAH BINTI MOHD NASIR (AS)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
160 views3 pages

Chapter 8 - Answer Tutorial

This document contains computations of statutory income for three individuals - Amiruddin, En. Aqil, and Fatini - for the year 2021. It lists their net profit before tax, additions and subtractions of various income and expenses to determine their adjusted income, capital allowances, and final statutory income. Key details include Amiruddin's statutory income of RM91,459, En. Aqil's of RM542,180, and Fatini's of RM130,005.

Uploaded by

NUR ALEEYA MAISARAH BINTI MOHD NASIR (AS)
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 3

COMPUTATION OF STATUTORY INCOME FOR AMIRUDDIN FOR YA 2021

Net profit before tax 68,890


(+) Drawing (3,500 – 2,000) 1,500
( - ) Others income
Dividend 5,000
Gain on disposal FA 6,000 (11,000)
(+) Non-Allowable Expenses
Salary, bonus & EPF - Amiruddin 29,000
Salary & bonus employee Nil
EPF –employee [19% * 8,900 = 1691 – 1,800] 109
EPF- disable [19% * 7,000= 1,330 – 1,600 ] 270
Travelling expenses - business NIL
Travelling expenses – personal (40% x 11,000) 4,400
Rental - business NIL
Rental – personal expenses (1/2 x4,000) 2,000
Renewing business license Nil
Renewing Amirudin’s driving license 500
Renewing wife’s business license 50
Donation to a political party 250
Business sundry expenses Nil
Annual subscriptions to a Mini Market Association Nil
Traffic summons committed by an employee 180
Repairs of van - business Nil
Repairs of toilet on top floor 400
Repainting of office block 1,600
Depreciation 6,000
Utilities - business Nil
- personal (2/3 x 1,500) 1,000
Specific provision for bad debt Nil
General provision for bad debt 1,100
Trade bad debt written off Nil
Loan to a friend 420
Medical expenses for employees Nil
Medical expenses for Amiruddin 110
Purchase of wheelchair for disable employee Nil 47,389
(-) Double Deduction
Salary & bonus – disable (7,000)
ADJUSTED INCOME 99,779
(+) Balancing charge 2,800
( - ) Capital Allowance
CA b/f (520)
Current (6,700)
( - ) Balancing Allowance (3,900)
STATUTORY INCOME 91,459
COMPUTATION OF STATUTORY INCOME FOR EN.AQIL FOR YA 2021

Net profit before tax 455,072


(+) Drawing (7,200 -3,500) 3,700
( - ) Others income
Dividend 22,500
Interest on investment at BIMB 15,200
Gain on disposal FA 12,000 (49,700)
(+) Non-Allowable Expenses
Medical exp – Aqil wife 1,200
- Employees Nil
Salary, bonus & EPF – Aqil 62,160
Salary & bonus employee Nil
EPF –employee [19% * 26,400= 5,016 – 5,000] Nil
EPF- disable [19% * 11,100 = 2,109 – 2,000 ] Nil
Family Gathering (Encik Aqil’s family) 4,450
Entertaining Potential Clients (50%) 2,500
Annual Dinner for Staff Nil
Parking penalty for company car 500
Late payment penalty for income tax 250
Cash donation to Rumah Anak Yatim Perkasa 12,000
Entrance fee to trade association 4,200
Trade association annual fee Nil
Business zakat 5,000
Rental – Business (2/3) Nil
- Personal (1/3 x 24,000) 8,000
Installation of moveable partition for – office 4,870
Repairs of business photocopy machine Nil
Telephone Nil
Water and Electricity – Business (3/4) Nil
- Personal (1/4 x 3,600) 900
Trade debtor Nil
General Provision 1,500
Specific Provision Nil
Loan granted to an ex-employee 8,000
Depreciation 34,178 149,708
(-) Double Deduction
Salary & bonus – disable (11,100)
ADJUSTED INCOME 547,680
(+) Balancing charge 6,500
( - ) Capital Allowance
CA b/f (5,000)
Current (2,500+4,500) (7,000)
STATUTORY INCOME 542,180
COMPUTATION OF STATUTORY INCOME FOR FATINI FOR YA 2021

Net profit before tax 54,780

( - ) Others income
Interest – money deposited in HSBC Bank 4,200
Insurance compensation on loss of trading stock Nil
Rental of a kiosk from LULU Bhd 3,600 (7,800)
(+) Non-Allowable Expenses
Salary, bonus & EPF – Fatini 73,260
Salary & bonus employee Nil
EPF –employee [19% *(16,800+2,800]-2,548 Nil
EPF- disable [19% * (8,400 + 1,400 ] - 1874 12
Interest on loan buying IPO 5,500
Interest on loan renovate premise Nil
Trade debt written off Nil
General provision bad debt (13,210 – 7,210) 6,000
Leave passage (Fatini and her three staff) 4,500
Meals provided to the Alliance banker 120
Birthday gifts to employees Nil
Dinner for staff Nil
Provision of accommodation to Fatini’s family 690
Replacement of the business premise door due Nil
to brokerage
Rewiring of the electrical system 2,500
Repainting the premise walls 1,800
Business zakat 4,320
Owner’s income tax 1,765
Road tax for van used in the business Nil
Road tax for Fatini personal car 980
Legal fees on tax appeal 300
Medical expenses – ummi (employee) Nil
Medical Insurance –Fatini (owner’s) 1,800
Entrance fees to trade association 1,550
Donation to approve institution (clothes) 400
Cash contribution to Rumah Anak Yatim (approved) 1,300
Depreciation 23,000 129,797
(-) Double Deduction
Salary & bonus – disable (8,400 + 1,400) (9,800)
ADJUSTED INCOME 166,977
(+) Balancing charge 781
( - ) Capital Allowance (37,753)
STATUTORY INCOME 130,005

You might also like