Rich Future Fund Sdn Bhd Income/(Loss): Dividend income – Malaysia 4,454,000 Dividend income – overseas 650,000 Interest income from deposits with licensed financial institutions 129,700 Rental from business outlet in Penang 120,000 Realised loss from foreign exchange (68,400) Common expenses: Trustee’s fee 250,000 Manager’s remuneration 1,450,000 Audit fee 15,000 Tax agent fees 6,000 Share registration expenses (transaction cost) 398,000 Management fee in respect of outlet in Penang 32,000 Telephone,printing and stationeries 20,000 Required: Compute the chargeable income for Rich Future Fund Sdn Bhd

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Rich Future Fund Sdn Bhd
Income/(Loss):
Dividend income – Malaysia 4,454,000
Dividend income – overseas 650,000
Interest income from deposits with licensed financial institutions 129,700
Rental from business outlet in Penang 120,000
Realised loss from foreign exchange (68,400)

Common expenses:
Trustee’s fee 250,000
Manager’s remuneration 1,450,000
Audit fee 15,000
Tax agent fees 6,000
Share registration expenses (transaction cost) 398,000
Management fee in respect of outlet in Penang 32,000
Telephone,printing and stationeries 20,000

Required:
Compute the chargeable income for Rich Future Fund Sdn Bhd

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Tax loss carryovers
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education