3 QUESTION 1Mahmud passed away on 31 December 2022 and upon his death, Mahmud Trust was created underthe terms of his will for his four children and his widow, Marina. The trust body and all thebeneficiaries are resident for tax purpose in the basis year 2023.Below is the information pertaining to the trust:2.1. The trust's distributable income (before accumulation) for the basis year 2023 is RM80,000.One quarter (1/4) of the trust body's income is to be distributed to his first child and thebalance is to be distributed between his second and third child at the discretion of the trustees.An amount of RM500 per month is to be accumulated for his fourth child until the childreaches the age of 21 in 2025.An annuity of RM625 per month is payable to his widow, Marina.Relevant information of the trust body for the year ended 31 December 2023 is as follows:3.4.ItemRetail business:Gross incomeAllowable expensesCapital allowances for year 2023Balancing chargesBalancing allowancesRestaurant business:Gross incomeAllowable expensesCapital allowances for year 2023Business loss brought forward from last yearCapital allowances brought forward from last yearOther Income:Rental from a property in JitraInterest from Mapa Sdn BhdDividend from Abrahim Bhd, a Malaysian companyPayments made by the trust body during the year 2023 are as follows:ItemAnnuity to MarinaTrustee feesCash donation to an approved institutionDonation of a computer to a secondary school in JitraSums paid to:First childSecond childThird childRM175,00075,00015,0005,0007,50025,00029,0003,0005,0002,5005,0001,5002,250RM7,5006,0001,0001,25015,00025,00030,000REQUIRED:1.Compute the chargeable income and income tax liability of the trust body for the year ofassessment 2023. Please indicate "NIL" where no adjustment is required.2. Compute the statutory income of all the beneficiaries for the year of assessment 2023.

ItemAmount (RM)Gross income175,000Allowable expenses-75,000Capital allowances-15,000Balancing…

REQUIRED: 1. Compute the chargeable income and income tax liability of the trust body for the year of assessment 2023. Please indicate "NIL" where no adjustment is required. 2. Compute the statutory income of all the beneficiaries for the year of assessment 2023.

REQUIRED: 1. Compute the chargeable income and income tax liability of the trust body for the year of assessment 2023. Please indicate "NIL" where no adjustment is required. 2. Compute the statutory income of all the beneficiaries for the year of assessment 2023.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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