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WorksheetsACW291 Tutorial Wk 4 Grp B
Total questions: 5
Worksheet time: 31mins
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
