Tax370
CONFIDENTIAL
AC/OCT 2007/TAX370
UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION
COURSE COURSE CODE EXAMINATION TIME
: : : :
TAXATION 2 TAX370 OCTOBER 2007 3 HOURS
INSTRUCTIONS TO CANDIDATES 1. 2. 3. 4. This question paper consists of five (5) questions. Answer ALL questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) the Question Paper an Answer Booklet - provided by the Faculty a two-page Appendix 1
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 9 printed pages
© Hak Cipta Universiti Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2007/TAX370
QUESTION 1 Zam Sdn Bhd (with a paid-up share capital of RM3 million) is a manufacturer of halal frozen beef. The company's profit and loss account for the year ended 30 June 2007 is as follows: Note Sales Less: Cost of sales Gross Profit Less: Repairs to premises Wages and salaries Freight and insurance Consultancy fees Miscellaneous expenses Donations and zakat Lease rentals Motor vehicle expenses Depreciation Lease amortization Tax penalty Net Profit Add dividends received Net profit before taxation Notes: Cost of sales includes: i) Entertainment expenses amounting to RM80.000 which was wholly related to sales. Provision for loss of damaged stock amounting to RM70.000 and RM30.000 was obsolete stock written off. 1 RMOOO's
RMOOO's
60,000 (50,000) 10,000 600 4,000 1,500 200 700 250 72 1,011 150 11 18
2 3 4 5 6 7 8 9
(8.512) 1,488 665 2,153
10
ii)
2.
Repairs to premises include a sum of RM35.000 recovered from an insurance company for the cost of repair to the factory which was damaged by fire. Wages and salaries include: i) Contributions to Employees Provident Fund at 20% in respect of the remuneration of RM800.000 paid to its employees. A bonus
AC/OCT 2007/TAX370
UNIVERSITI TEKNOLOGI MARA FINAL EXAMINATION
COURSE COURSE CODE EXAMINATION TIME
: : : :
TAXATION 2 TAX370 OCTOBER 2007 3 HOURS
INSTRUCTIONS TO CANDIDATES 1. 2. 3. 4. This question paper consists of five (5) questions. Answer ALL questions in the Answer Booklet. Start each answer on a new page. Do not bring any material into the examination room unless permission is given by the invigilator. Please check to make sure that this examination pack consists of: i) ii) iii) the Question Paper an Answer Booklet - provided by the Faculty a two-page Appendix 1
DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO
This examination paper consists of 9 printed pages
© Hak Cipta Universiti Teknologi MARA
CONFIDENTIAL
CONFIDENTIAL
AC/OCT 2007/TAX370
QUESTION 1 Zam Sdn Bhd (with a paid-up share capital of RM3 million) is a manufacturer of halal frozen beef. The company's profit and loss account for the year ended 30 June 2007 is as follows: Note Sales Less: Cost of sales Gross Profit Less: Repairs to premises Wages and salaries Freight and insurance Consultancy fees Miscellaneous expenses Donations and zakat Lease rentals Motor vehicle expenses Depreciation Lease amortization Tax penalty Net Profit Add dividends received Net profit before taxation Notes: Cost of sales includes: i) Entertainment expenses amounting to RM80.000 which was wholly related to sales. Provision for loss of damaged stock amounting to RM70.000 and RM30.000 was obsolete stock written off. 1 RMOOO's
RMOOO's
60,000 (50,000) 10,000 600 4,000 1,500 200 700 250 72 1,011 150 11 18
2 3 4 5 6 7 8 9
(8.512) 1,488 665 2,153
10
ii)
2.
Repairs to premises include a sum of RM35.000 recovered from an insurance company for the cost of repair to the factory which was damaged by fire. Wages and salaries include: i) Contributions to Employees Provident Fund at 20% in respect of the remuneration of RM800.000 paid to its employees. A bonus