Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

f) Renew business permit g) Income tax liability for YA2018 h) Bank loan interest for purchase of stall Cash drawings i) j) Wedding gift to

image text in transcribed

image text in transcribed

f) Renew business permit g) Income tax liability for YA2018 h) Bank loan interest for purchase of stall Cash drawings i) j) Wedding gift to a loyal customer k) Repair broken pipes 1) Depreciation of assets Bad debts (trade) m) Required: For each expense, i. state whether the expense is an allowable or non-allowable deduction, and ii. state the reason for your answer. Follow the following answer format. The first answer has been given to you as an example. Expenses incurred Allowable or Reason / Maximum deduction Non-Allowable Deduction a) Fire insurance Allowable Use in the production of the gross income. b) Chairs and tables c) Donation d) Zakat e) Fines f) Renew business permit g) Income tax liability h) Bank loan interest i) Drawings j) Wedding gift k) Repair broken pipes I) Depreciation m) Bad debt RM800 RM950 RM1,230 RM700 RM300 RM180 RM980 RM250 f) Renew business permit g) Income tax liability for YA2018 h) Bank loan interest for purchase of stall Cash drawings i) j) Wedding gift to a loyal customer k) Repair broken pipes 1) Depreciation of assets Bad debts (trade) m) Required: For each expense, i. state whether the expense is an allowable or non-allowable deduction, and ii. state the reason for your answer. Follow the following answer format. The first answer has been given to you as an example. Expenses incurred Allowable or Reason / Maximum deduction Non-Allowable Deduction a) Fire insurance Allowable Use in the production of the gross income. b) Chairs and tables c) Donation d) Zakat e) Fines f) Renew business permit g) Income tax liability h) Bank loan interest i) Drawings j) Wedding gift k) Repair broken pipes I) Depreciation m) Bad debt RM800 RM950 RM1,230 RM700 RM300 RM180 RM980 RM250

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The ISO 14000 EMS Audit Handbook

Authors: Greg Johnson

1st Edition

1574440691, 978-1574440690

More Books

Students also viewed these Accounting questions