Acca F6 Free Essays

string(756) obligation recuperation Lease rentals Advertising 7 8 RM000’s 27,800 (11,200) â€â€â€â€â€â€â€â€ 16,600 (7,200) â€â€â€â€â€â€â€â€ 9,400 â€â€â€â€â€â€â€â€ Profit before tax collection Notes: (1) Remuneration incorporates: RM 114,000 400,000 Salaries of handicapped workers Entertainment stipend to senior administration (2) Contributions to affirmed plans involve: RM 276,000 112,000 â€â€â€â€â€â€â€â€ 388,000 â€â€â€â€â€â€â€â€ Employees Provident Fund Beauty Sdn Bhd conspire The organization contributes 12% to the Employees Provident Fund for all representatives and an extra 8% to the Beauty Sdn Bhd plot in regard of the compensation of RM1,000,000 and the diversion recompense of RM400,000 paid to senior administration executives. Tax assessment (Malaysia) Monday 1 December 2008 Time permitted Reading and arranging: Writing: 15 minutes 3 hours ALL FIVE inquiries are obligatory and MUST be endeavored. Assessment rates and stipends are on pages 2â€3. Try not to open this paper until trained by the chief. We will compose a custom paper test on Acca F6 or on the other hand any comparable point just for you Request Now During perusing and arranging time just the inquiry paper might be clarified. You should NOT write in your answer booklet until trained by the chief. This inquiry paper must not be expelled from the assessment lobby. The Association of Chartered Certified Accountants Paper F6 (MYS) Fundamentals Level †Skills Module 8Dâ€MYSTT Paper F6MYS SUPPLEMENTARY INSTRUCTIONS . 2. 3. Figurings and operations ought to be made to the closest RM. All allocations ought to be made to the closest entire month. All activities ought to be appeared. Duty RATES AND ALLOWANCES The accompanying expense rates, remittances and qualities are to be utilized in addressing the inquiries. Annual duty rates Resident individual Chargeable pay Band Cumulative RM 2,500 5,000 15,000 20,000 15,000 35,000 15,000 50,000 20,000 70,000 30,000 100,000 150,000 250,000 Excess Tax payable Rate Cumulative % RM 10 0 11 25 13 475 17 1,525 13 3,475 19 7,275 24 14,475 27 54,975 28 Resident organization Paid up normal offer ca pital First RM500,000 20% 26% RM2,500,000 or less More than RM2,500,000 Non-inhabitant Company Individual Excess over RM500,000 26% 28% Personal reasonings Self †extra whenever handicapped Spouse †extra whenever crippled Child †fundamental rate Child †higher rate Disabled youngster Life protection premiums and endorsed conspire commitments Medical costs for guardians Medical costs for genuine infection of self, life partner or kid, including up to RM500 for clinical assessment Basic supporting gear for self, life partner, kid or parent whenever debilitated Educational and clinical protection for self, life partner or kid Study course expenses for aptitudes or capabilities Purchase of a PC Purchase of books, magazines and so on for individual use Purchase of athletic gear Deposit for a youngster into the National Education Savings Scheme 2 most extreme greatest RM 8,000 6,000 3,000 3,500 1,000 4,000 5,000 6,000 5,000 greatest most extreme most extreme most extreme greatest most extreme 5,000 3,000 5,000 3,000 1,000 300 3,000 8Dâ€MYSTT Paper F6MYS Rebates Individual with chargeable pay not surpassing RM35,000 Basic Rate for an individual qualified for a finding for a mate or a previous spouse RM 350 700 Estimation of advantages in kind Car and fuel scale Cost of vehicle (when new) RM Up to 50,000 50,001 to 75,000 75,001 to 100,000 100,001 to 150,000 150,001 to 200,000 200,001 to 250,000 250,001 to 350,000 350,001 to 500,000 500,001 or more Prescribed yearly estimation of private use of vehicle RM 1,200 2,400 3,600 5,000 7,000 9,000 15,000 21,250 25,000 Fuel for each annum RM 600 900 1,200 1,500 1,800 2,100 2,400 2,700 3,000 The estimation of the vehicle advantage equivalent to a large portion of the endorsed yearly worth (above) is taken if the vehicle gave is more than five (5) years of age, yet the estimation of fuel gave stays unaltered. Family unit decorations, mechanical assembly and apparatuses RM every month Semi-outfitted with furniture in the parlor, lounge area, or room 70 Semi-outfitted with furniture as above in addition to forced air systems, and additionally draperies and rugs 140 Fully outfitted premises 280 Domestic assistance 400 Gardener 300 Driver 600 Telephone (fixed or portable): RM per annum 300 Hardware Bills Capital stipends Industrial structures Plant and hardware †general Motor vehicles, substantial apparatus Computers, data innovation gear and PC programming Office gear, furniture and fittings Initial Rate % 10 20 Annual Rate % 14 20 40 10 Sales assessment and administration charge rates Rate % 10 5 Sales charge Service charge 3 [P. T. O. 8Dâ€MYSPA Paper F6MYS 8Dâ€MYSAA Paper F6MYS ALL FIVE inquiries are necessary and MUST be endeavored 1 James and Carol are a couple. James is incapacitated. The pay and costs of James and Carol for the year finished 31 December 2008 are relied upon to be as per the following: RM James Employment †Salary 35,000 Carol Partnership business †Statutory pay Employment †Salary Traveling recompense 4,350 16,600 3,000 James brought about costs as follows: Donation to an endorsed organization Contributions to Employees Provident Fund Clinical assessment for self Medical costs for his dad Fees as far as it matters for him time course in Islamic financing at a college in Kuala Lumpur, perceived by the Government Carol brought about costs as follows: Contributions to Employees Provident Fund Medical cost on malignant growth treatment for herself Medical costs for her mom Basic supporting gear for her incapacitated dad Traveling costs caused over the span of her work 2,600 3,850 400 1,300 1,100 2,156 2,700 900 3,600 4,000 Required: (a) Compute the couple’s charge payable for the time of evaluation 2008 under joint appraisal: (I) ssuming that James made the political decision; and (ii) expecting that Carol made the political decision. (12 imprints) (12 imprints) Notes: (1) You should utilize two sections, one each for (I) and (ii) above. (2) You ought to demonstrate, by utilizing the word ‘nil’, any cost thing that doesn't meet all requirements for individual help. (3) Marks will be granted for the utilization of precise specialized terms to depict the figures involving the phases in the calculation of chargeable salary. (b) (I) Based on your expense calculations partially (a), state which life partner should make the political decision for joint evaluation and why. (1 imprint) ii) Analyze, measure and sum up the expense sparing coming about because of causing the political race you to have determined in (I) above over the elective political race. (5 imprints) (30 imprints) 4 This is a clear page Question 2 starts on page 6 5 [P. T. O. 8Dâ€MYSAB Paper F6MYS 2 Beauty Sdn Bhd, an occupant organization with a settled up customary offer capital of RM2 million, is occupied with the assembling of corrective items. The company’s benefit and misfortune represent the year finished 31 October 2008 is as per the following: Note RM000’s 1 2 3 4 5 6 2,300 388 461 700 7 (2) 164 618 (177) 66 2,675 â€â€â€â€â€â€ Sales Cost of deals Gross benefit Less: Remuneration Contributions to affirmed plans Entertainment Royalty Penalty for late installment of retaining charge on sovereignty Gain on removal of a van Repairs and support Depreciation Bad obligation recuperation Lease rentals Advertising 7 8 RM000’s 27,800 (11,200) â€â€â€â€â€â€â€â€ 16,600 (7,200) â€â€â€â€â€â€â€â€ 9,400 â€â€â€â€â€â€â€â€ Profit before tax assessment Notes: (1) Remuneration incorporates: RM 114,000 400,000 Salaries of handicapped workers Entertainment remittance to senior administration (2) Contributions to endorsed plans involve: RM 276,000 112,000 â€â€â€â€â€â€â€â€ 388,000 â€â€â€â€â€â€â€â€ Employees Provident Fund Beauty Sdn Bhd plot The organization contributes 12% to the Employees Provident Fund for all workers and an extra 8% to the Beauty Sdn Bhd plot in regard of the compensation of RM1,000,000 and the amusement remittance of RM400,000 paid to senior administration administrators. (3) Entertainment incorporates the expense of propelling new items adding up to RM38,000. (4) A sovereignty adding up to RM630,000 net of the 10% retention charge was paid to a non-occupant on 15 September 2008, in regard of the new items. The measure of the retention charge and the related punishment stay unpaid. (5) Gain on removal of a van A van was discarded in August 2008 for RM36,000. The van had been bought in December 2005 for RM65,000. (6) Repairs and upkeep incorporates expenses of remodel to the company’s place of business adding up to RM58,000. The purpose behind this consumption was to give a sheltered work environment to incapacitated laborers. (7) The awful obligation recuperation is in regard of an exchange obligation taken over from another organization carrying on a similar business, three years prior. (8) Lease rentals are in regard of an engine vehicle costing in overabundance of RM150,000. The rent rentals initiated on 1 December 2007 at RM6,000 every month for a time of 30 months. 8Dâ€MYSAB Paper F6MYS (9) Other data (I) An entirety of RM60,000 was brought about on adjustments to the company’s manufacturing plant working, so as to introduce general apparatus costing RM340,000. (ii) An entirety of RM810,000 was caused on slicing the land so as to set up a site to introduce substantial hardware costing RM190,000. (iii) For the time of appraisal 2008, capital stipends for plant and apparatus will add up to RM849,000 and modern structure remittances to RM295,000, barring any recompenses or modifications owing to the capi