Kalumpang Sport Sdn Bhd has been a wholesale distributor supplying a wide range of 3. Cost of sales include: - Closing inventory was RM560,000.00 but the actual physical count at year end was RM680,000.00 - Stock valued at RM96,500.00 is yet to be sent to a customer at the year-end due to a delay in transporting the goods. - Provision for stock obsolescence was RM390,500.00. 4. Remuneration includes: - Salary of a blind executive at RM1,800.00 per month. - The company's contribution to the Employees Provident Fund is RM610,645.00. The company allocated five (5) percent of the total remuneration to a provision for retirement benefits account. This is included in the amount of RM2,890,000.00. 5. Selling and distribution expenses includes: - Cost of RM420,000.00 for participating in an international trade fair in South Africa which was approved by the Ministry of International Trade and Industry (MITI). - Expenditure of RM72,500.00 incurred on local advertising to promote products of the company. 7. Bank charges includes: - Interest of RM47,000.00 paid to International Finance Bhd for a loan obtained which was invested in the purchase of 40,000 units of Ultra Bhd shares. - Overdraft and short term loan interest incurred to finance the operation of the business amounting to RM195,000.00. All the debts are trade debts except for a sum of RM67,000.00 written off which is respect of a loan made to an ex-accountant. 11. Loss on sales van : The van was purchased on 1 July 2018 at a cost of RM98,000.00 and sold o August 2021 for RM16,500.00. The book value at the time of sale was RM37,500. 16. Training expenses include a sum of RM25,000.00 incurred in sending the company's employees to attend courses conducted by the National Productivity Centre (NPC). A letter from the institution certifying such attendance is available. 17. Scholarships were awarded to Encik Tham amounting RM32,000.00 and Cik Azida RM30,000.00 who studied full time at Universiti Petronas Malaysia. They did not have any means of their own. Tham's parents earned a total monthly income of RM4,800.00 whereas Azida's guardian earned a total monthly income of RM5,800.00. 18 These shares were acquired from 2017 to 2020 as investments from the company's cash surplus. Dividend income from Camp Products Pte Ltd was remitted to Malaysia during the financial year. 19. Interest from excess funds deposited with an overseas bank was credited and remitted to Malaysia on 30 June 2021. REQUIRED: Based on the information given, compute the chargeable income and tax payable of Kalumpang Sport Sdn Bhd Bhd for the year of assessment 2021. [30 marks] Kalumpang Sport Sdn Bhd has been a wholesale distributor supplying a wide range of 3. Cost of sales include: - Closing inventory was RM560,000.00 but the actual physical count at year end was RM680,000.00 - Stock valued at RM96,500.00 is yet to be sent to a customer at the year-end due to a delay in transporting the goods. - Provision for stock obsolescence was RM390,500.00. 4. Remuneration includes: - Salary of a blind executive at RM1,800.00 per month. - The company's contribution to the Employees Provident Fund is RM610,645.00. The company allocated five (5) percent of the total remuneration to a provision for retirement benefits account. This is included in the amount of RM2,890,000.00. 5. Selling and distribution expenses includes: - Cost of RM420,000.00 for participating in an international trade fair in South Africa which was approved by the Ministry of International Trade and Industry (MITI). - Expenditure of RM72,500.00 incurred on local advertising to promote products of the company. 7. Bank charges includes: - Interest of RM47,000.00 paid to International Finance Bhd for a loan obtained which was invested in the purchase of 40,000 units of Ultra Bhd shares. - Overdraft and short term loan interest incurred to finance the operation of the business amounting to RM195,000.00. All the debts are trade debts except for a sum of RM67,000.00 written off which is respect of a loan made to an ex-accountant. 11. Loss on sales van : The van was purchased on 1 July 2018 at a cost of RM98,000.00 and sold o August 2021 for RM16,500.00. The book value at the time of sale was RM37,500. 16. Training expenses include a sum of RM25,000.00 incurred in sending the company's employees to attend courses conducted by the National Productivity Centre (NPC). A letter from the institution certifying such attendance is available. 17. Scholarships were awarded to Encik Tham amounting RM32,000.00 and Cik Azida RM30,000.00 who studied full time at Universiti Petronas Malaysia. They did not have any means of their own. Tham's parents earned a total monthly income of RM4,800.00 whereas Azida's guardian earned a total monthly income of RM5,800.00. 18 These shares were acquired from 2017 to 2020 as investments from the company's cash surplus. Dividend income from Camp Products Pte Ltd was remitted to Malaysia during the financial year. 19. Interest from excess funds deposited with an overseas bank was credited and remitted to Malaysia on 30 June 2021. REQUIRED: Based on the information given, compute the chargeable income and tax payable of Kalumpang Sport Sdn Bhd Bhd for the year of assessment 2021. [30 marks]
