ACW291 Tutorial Wk 4 Grp B

ABC S/B commenced business on 12 Nov 2020 and closed accounts on 31 Mar 2022. What is the first accounting period?

• 12 Nov 2020 to 31 December 2021

• 12 Nov 2020 to 31 December 2022

• 12 Nov 2020 to 31 Mar 2022

• No accounting period

Thani Sdn. Bhd. commenced business on 1-2-2021 and submitted its accounts as at 31-12-2021. What is the basis period for year of assessment (YA) 2021?        

• No basis period

• 1-2-2021 to 31-12-2021

• 1-1-2021 to 31-12-2021

• 1-2-2021 to 31-12-2022

SS Sdn Bhd’s year-end is 30 June. On 1-12-2021, SS disposed of a lorry to YY Sdn Bhd, a related party for a consideration of RM71,000. The asset was acquired on 1-8-2018 for RM100,000. YY Sdn Bhd’s year-end is 30 April. The First Day of the Disposer’s Final Period is :

• 1-7-2021

• 1-7-2021

• 30-4-2022

• 1-12-2021

A Sdn Bhd and B Sdn Bhd are two companies under common control, A sold an equipment to B. Details of information was as follow:-

Qualifying expenditure of equipment = RM50,000

Residual expenditure before disposal = RM20,000.

Disposal price = RM23,000

What is the balancing charge / balancing allowance on the disposal?

• Balancing allowance = RM30,000

• Balancing charge = RM3,000

• Balancing allowance = RM27,000

• nil

Biz Sdn Bhd was incorporated in Malaysia on 11.2.2021 with an authorized capital of RM2,600,000. It commenced a retail business on 1.5.2021 and closed its accounts on 30.4. 2022. The following incorporation expenses had been capitalized in its first balance sheet as at 30.4.2022: -

Preparation and printing memorandum and article of association RM2,000

Registration of company (including stamp duty) RM7,000

Company seal RM400

What is the incorporation expenses that can be deducted against the gross income of the company for the basis period 1.5.2021 to 30.4.2022?

• Nil

• RM2,000

• RM7,000

• RM9,400