MOHD SYAZMI BIN SAHIDUN Question 1 lot yet answered Movers Logistics accounting period ends on 31 December. For the year Time left 2:06:56 December 2020, the company recognized an accounting profit before tax of RM450,000. On 1 January 2020, the deferred tax liability balance was RM25,000. The tax rate for year 2020 remained unchanged at 24%. Marked out of 1.00 Flag question The company owns a machinery which was acquired 3 years ago in February 2018 and cost RM200,000, estimated to be useful for 10 years. For tax purpose, the initial allowance was 20% and the annual allowance was also a 20%. For the year ended 31 December 2020, the following information was obtained: 1. Movers Logistic had just secured a 5% bank loan of RM100,000 on 1 October 2020, and interest on the loan for the 3 months remained accrued at 31 December 2020. 2. Trade receivables as at 31 December 2020 of RM60,000, after writing off bad debts of RM1,500 and an allowance for doubtful debts of RM4,000. 3. Provision for warranty charged to profit or loss for the year was RM900. 4. A careless act by the owner-cum-managing director resulted in a fine payable of RM1.200. The fine remained accrued as at 31 December 2020. 5. Included in the current assets was RM500 prepaid travelling expense. The cash was 26C Mostly cloudy A) ENG 8:39 AM 07/12/2021 5. Included in the current assets was RM500 prepaid travelling expense. The cash was given to an employee for an official travel due to take place on 3 - 4 January 2021. 6. Movers Logistics incurred and capitalized development expenditure of RM8,000. Required: (a) Prepare a schedule to determine the taxable temporary difference or deductible temporary difference for each relevant item. (14 mark) (b) Compute the deferred tax liability and/or deferred tax asset for the year ended 31 December 2020. (2 marks) (c) Show the deferred tax liability or deferred tax asset account for the year ended 31 December 2020. (2 marks) 1 (d) Show an extract of the Statement of Profit or Loss for the year ended 31 December 2020, showing the presentation of taxation for the year. (2 marks) 26C Mostly cloudy A 40) ENG 839 AM 07/12/2021 PI MOHD SYAZMI BIN SAHIDUN Question 1 lot yet answered Movers Logistics accounting period ends on 31 December. For the year Time left 2:06:56 December 2020, the company recognized an accounting profit before tax of RM450,000. On 1 January 2020, the deferred tax liability balance was RM25,000. The tax rate for year 2020 remained unchanged at 24%. Marked out of 1.00 Flag question The company owns a machinery which was acquired 3 years ago in February 2018 and cost RM200,000, estimated to be useful for 10 years. For tax purpose, the initial allowance was 20% and the annual allowance was also a 20%. For the year ended 31 December 2020, the following information was obtained: 1. Movers Logistic had just secured a 5% bank loan of RM100,000 on 1 October 2020, and interest on the loan for the 3 months remained accrued at 31 December 2020. 2. Trade receivables as at 31 December 2020 of RM60,000, after writing off bad debts of RM1,500 and an allowance for doubtful debts of RM4,000. 3. Provision for warranty charged to profit or loss for the year was RM900. 4. A careless act by the owner-cum-managing director resulted in a fine payable of RM1.200. The fine remained accrued as at 31 December 2020. 5. Included in the current assets was RM500 prepaid travelling expense. The cash was 26C Mostly cloudy A) ENG 8:39 AM 07/12/2021 5. Included in the current assets was RM500 prepaid travelling expense. The cash was given to an employee for an official travel due to take place on 3 - 4 January 2021. 6. Movers Logistics incurred and capitalized development expenditure of RM8,000. Required: (a) Prepare a schedule to determine the taxable temporary difference or deductible temporary difference for each relevant item. (14 mark) (b) Compute the deferred tax liability and/or deferred tax asset for the year ended 31 December 2020. (2 marks) (c) Show the deferred tax liability or deferred tax asset account for the year ended 31 December 2020. (2 marks) 1 (d) Show an extract of the Statement of Profit or Loss for the year ended 31 December 2020, showing the presentation of taxation for the year. (2 marks) 26C Mostly cloudy A 40) ENG 839 AM 07/12/2021 PI