1. A company incurred RM100,000 in preparing and levelling land to install an equipment. The...
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Accounting
1. A company incurred RM100,000 in preparing and levelling land to install an equipment. The cost of this equipment was RM1,000,000, but the company decided to take a 4 year lease with annual lease rental of RM300,000. Which of the following are correct?
i. Lessee is the owner of this equipment
ii. The qualifying expenditure is RM1,000,000
iii. The qualifying expenditure is RM1,100,000
iv. Annual lease rental of RM300,000 is allowable expenditure
a.i & ii
b.iii only
c.ii & iv
d.iv only
e.iii & iv
2.
Ms Ummi, a Malaysian tax resident and an employee of Rona Sdn Bhd, provides the following information in respect of the year of assessment 2021:
RM
Gross salary for year
120,000
Leave passage benefit - airfare to Korea paid by Rona Sdn Bhd
1,600
Accommodation for Ms Ummi's Korean trip paid by Rona Sdn Bhd
3,400
Contributions-in-kind for approved project of national interest made by Ms Ummi
15,000
What is Ms Ummis total income for the year of assessment 2021?
a.RM111,060
b.RM109,800
c.RM123,400
d.RM108,400
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