Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Koperasi IndahAlam Bhd (KIAB) is a cooperative society established ten (10) years ago. For the year ending 31 December 2020, KIAB reported the following income
Koperasi IndahAlam Bhd (KIAB) is a cooperative society established ten (10) years ago. For the year ending 31 December 2020, KIAB reported the following income and expenses:
REQUIRED:
Compute the chargeable income of Koperasi IndahAlam Bhd for the year of assessment 2020.
RM RM Income: Sales from business Membership fees Dividend Rental Interest Consumer product commission 5,500,000 55,000 12,000 80,000 60,000 30,000 5,737,000 Expenses: Salaries Employee Provident Fund (EPF) Statutory audit fees Business zakat to a zakah authority Insurance Entertainment for suppliers at an annual dinner Telephone, postage, and stationery Repair and maintenance Depreciation Utilities Cash donation (50% to an unapproved institution) Audited Net Profit before Tax 30,000 6,000 10,000 4,500 13,000 3,500 25,000 6,500 11,000 10,500 2,500 (122,500) 5,614,500 Additional information: 1. Members fund as of 1 January 2020 consist of: Share capital Subscription capital Share premium account Statutory reserve fund Retained earnings RM 800,000 110,000 56,000 30,000 125,000 2. Amount transferred to statutory reserved fund RM50,000Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started