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Glamour Sdn Bhd has been operating business and non-business sources income starting from the year of 2011 and closes it account in 31st August

Glamour Sdn Bhd has been operating business and non-business sources income starting from the year of 2011 and closes it acco

Rental income received RM 72.000 Allowable expenses RM42,000(included 15,000 for upgrading 3 units design) Quit rent RM 1,450  

 

Glamour Sdn Bhd has been operating business and non-business sources income starting from the year of 2011 and closes it account in 31st August annually. For the year ended 31 August 2019 the senior accounting executives are summary the following information. Business 1 Adjusted Loss RM (10,800) Capital Allowances 6,200 Unabsorbed Capital Allowances b/d (2018) 1,300 Business 2 Adjusted income (Note 1) RM 140,000 4,000 Capital Allowances Loss b/d (2018) (3.000) Note 1: Expense includes RM3,000 of approved instituted donation. Letting Property I Glamour Sdn Bhd owns an apartment complex consisting of 3 units located 1KM from UCSI and lets out individual units for long term tenancies. The security is provided on a 24 hour basis. and housekeeping will be held once a week; a maid is employed by the owner for this purpose. Besides, the tenant is entitled to enjoy the facilities provided from the apartment. This apartment units start advertising on 15th Nov 2018 and status the ready move in on 15 Dec 2018. The properties are able to rent out on 5th Jan 2019 to Supergrow company, a travelling company. The details of rental income as below: Rental income received RM 72,000 Allowable expenses RM42,000(included 15,000 for upgrading 3 units design) RM 1,450 Quit rent ## ignore the capital allowance if applicable. Letting Property II Galmour Sdb Bhd also owns another 5 units of condominium at Mont Kiara and able to let out to Jaya One company, who use the purpose for staff accommodation. All the facilities are maintained by the management corporation of the building, including swimming pool, tennis courts and securities 24 hours. The tenants can enjoy all the services provided. This condo units starts advertising on 15th Nov 2018 and status the ready move is on 1" Dec 2018. The mentioned property able to rent out on 1" Dec 2018 Rental income received RM 133,000 (included Dec 2018 rental) Allowable expenses RM 45,000 (included RM32,000 kitchen upgrade) Rental income received RM 72,000 Allowable expenses RM42,000(included 15,000 for upgrading 3 units design) RM 1,450 Quit rent ## ignore the capital allowance if applicable. Letting Property II Galmour Sdb Bhd also owns another 5 units of condominium at Mont Kiara and able to let out to Jaya One company, who use the purpose for staff accommodation. All the facilities are maintained by the management corporation of the building, including swimming pool, tennis courts and securities 24 hours. The tenants can enjoy all the services provided. This condo units starts advertising on 15th Nov 2018 and status the ready move in on 1st Dec 2018. The mentioned property able to rent out on 1 Dec 2018 Rental income received RM 133,000 (included Dec 2018 rental) Allowable expenses RM 45,000 (included RM32,000 kitchen upgrade) RM 3,300 Quit rent ## ignore the capital allowance if applicable. Required: (a) Indicate the date of commencement of letting property I and II. (b) Compute the total income for Galmour Sdn Bhd. (14 marks) [Total = 20 marks]

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