Q$2$

Lite Ace Sdn Bhd$,$ which was incorporated in $2005,$ is a company trading in high end sports goods. It has an authorised share capital of RM$1,500,000$ of which RM$500,000$ is issued and fully paid up$.$ It makes up its accounts to $30$ November each year and its trading profit and loss account for the year ended $30$ November $2023$ is as follows:

$\backslash$table$[[,$Note,RM$\text{'}000,$RM$\text{'}000],[$Sales$,,,2,000,000],[$Less: Cost of sales,,,$(700,000)],[$Gross Profit,,,$1,300,000],[$Add: Other income,$1,,43,000],[,,,1,343,000],[$Less: General and administrative expenses,,,$],[$Contract payment,$2,1,000,]]$

$3$

$\backslash$table$[[$Audit fees,,$1,200,],[$Bank Charges,,$2,100,]]$ rcise$2$

$\frac{4}{6}$

$100\%$

$\backslash$table$[[$Audit fees,,$1,200,],[$Bank Charges,,$2,100,],[$Bank interest,,$9,800,],[$Depreciation$,,4,000,],[$Staff salaries,$3,90,000,],[$Director$\text{'}$s remuneration,,$24,000,],[$EPF Contributions,,$12,000,],[$Quit rent and assessment,$4,1,500,],[$Insurance$,5,7,000,],[$Preliminary expenses,$6,18,000,],[$Entertainment$,7,6,500,],[$Bad debts,$8,2,400,],[$Donations$,9,10,000,],[$Compensation$,10,5,000,],[$Defalcation$,11,15,000,(212,100)],[$Repairs and maintenance,,,$1,130,900],[$Net profit for the year,,,$]]$

Notes:

$(1)$ Other income comprises the following:

$\backslash$table$[[,$RM$],[$Discount from creditors,$10,000],[$Dividend received under the single tiered system,$20,000],[$Commissions$,5,000],[$Compensation received for late delivery of supplies,$8\mathrm{.}000\_],[43,000\_,]]$

$(2)$ The contract payment was made to a non$-$resident on $10$ November $2023$ but the witholding tax was not remitted until January $2024.$

$(3)$ Salaries include the remuneration of a disabled employee amounting to RM$9,000.$

$(4)$ The insurance expense relates to the premium paid on a key man life assurance policy taken out in respect of the sales director.

$(5)$ The preliminary expenses relate to the cost of the company's Memorandum and Articles of Association, which was being written off.

$(6)$ Entertainment comprises:

Reimbursement to a director for entertaining his family Office family day

Public sporting event used for a brand launch

$\backslash$table$[[$RM$],[2,500],[6,000],[10\mathrm{.}000],[18,500]](7)$ Bad debts comprise:

A loan to a business associate who has now become bankrupt due

to the Dubai crisis

An amount recovered from a debtor of a business taken over last year by

Lite Ace Sdn Bhd including its debtors

$10,400$

$(3,800)$

$(8)$ Donations comprise:

$(9)$ The compensation was paid to an employee for a restrictive covenant not to take$-$up a similar

employment.

$(10)$ The defalcation relates to money withdrawn illegally from the company by a director.

$(11)$ Repairs and maintenance comprise:

$(12)$ Capital allowances for the year of assessment $2023$ are RM$12$;$000.$

Required:

$($a$)$ Calculate Lite Ace Sdn Bhd$\text{'}$s chargeable income for the year of assessment $2023.$

$($b$)$ State by when Lite Ace Sdn Bhd had to file its estimate of income tax payable for the year $2023$ and

when the first instalment should have been paid.help