ElegantDress Club has the following income and expenditure account for the year ended 31 December 2020:

REQUIRED:

Compute the chargeable income of ElegantDress Club for the year of assessment 2020.

Income RM Expenditure RM Members' subscription fees 600 8,000 Postage: Members = RM440 Non-members = RM160 Interest from fixed deposits 500 3,500 Bank charges: Members = RM350 Non-members = RM150 10,000 Sale of annual dinner tickets: Members = RM9,000 Non-members = RM3,000 12,000 Costs of annual dinner: Members = RM8,300 Non-members = RM1,700 12,000 Sale of club dresses to non- members 11,000 Utilities and rates: Members = RM9,000 Non-members = RM3,000 Rental from tenant 72,000 Wages and salaries 30,000 500 Fees charged to non-members for dress design classes 3,000 Photocopying: Members = RM450 Non-members = RM50 Depreciation 30,000 income over 25,900 Excess of expenditure Total 109,500 Total 109,500 Income RM Expenditure RM Members' subscription fees 600 8,000 Postage: Members = RM440 Non-members = RM160 Interest from fixed deposits 500 3,500 Bank charges: Members = RM350 Non-members = RM150 10,000 Sale of annual dinner tickets: Members = RM9,000 Non-members = RM3,000 12,000 Costs of annual dinner: Members = RM8,300 Non-members = RM1,700 12,000 Sale of club dresses to non- members 11,000 Utilities and rates: Members = RM9,000 Non-members = RM3,000 Rental from tenant 72,000 Wages and salaries 30,000 500 Fees charged to non-members for dress design classes 3,000 Photocopying: Members = RM450 Non-members = RM50 Depreciation 30,000 income over 25,900 Excess of expenditure Total 109,500 Total 109,500