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QUESTION I Zeeta Sdn Bhd, which was incorporated in 2005, is a company trading in high end sports goods. It has an authorised share

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QUESTION I Zeeta Sdn Bhd, which was incorporated in 2005, is a company trading in high end sports goods. It has an authorised share capital of RM2,400,000 of which RM1,500,000 is issued and fully paid up. It makes up its accounts to 30 November each year and its trading profit or loss account for the year ended 30 November 2021 is as follows: Sales Note RM RM 5,000,000 (3.700.000) Less: Cost of sales Gross profit 1,300,000 ADD: Other income 43,000 1,343,000 Less: General and administrative expenses Contract payment 2 11,000 Professional fees 3 21,900 Training 4 28.200 Depreciation 14,000 Staff salaries 5 125,100 Directors remuneration 24,000 EPF contributions 22,000 Quit rent and assessment 1,500 Insurance 6 7,000 Preliminary expenses 7 2,000 Entertainment 8 18,500 Bad debts 9 18,800 Donations 10 26,000 Compensation 11 10,000 Defalcation 12 5,000 Repairs and maintenance 13 15,000 Loss on sale of van 6,700 (356,700) Net profit for the year 986.300

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