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QUESTION 1 Kubeko Sdn Bhd, a Malaysian resident company, was incorporated in April 2012 and commenced its operation on 1 July 2012 with a share capital of RM3 million. Kubeko Sdn Bhd engages in the manufacturing of various kinds of bags for both the export and local markets. The company makes up its accounts annually to 30 June. The statement of comprehensive income for the year ended 30 June 2022 is as follows: Notes to the accounts: 1. The sales figure includes RM2,300,000 receivable by Kubeko Sdn Bhd under an agreement signed with a Japanese company involved in manufacturing bags. The receivable was to dispose of the right to use Kubeko Sdn Bhd's trademark, which is payable in four annual instalments. 2. Cost of sales includes equipment amounting to RM39,000 purchased to enable disabled employees to work more efficiently. 3. Other income comprises: - An interest of RM36,000 arising on a savings account with BHR Bank (Malaysia) credited from April to June 2022 . - An accrued interest of RM45,000 on a fixed deposit of RM375,000 with CBCO Bank (Malaysia) for six months matured on 20 July 2022. - Rental income (gross) received from a property in Japan, remitted to Malaysia on 1 January 2022. - A dividend of RM30,000 was received on 15 March 2022 from a pioneer company. - Dividend of RM54,000 (net after-tax) received on 30 December 2021, from Fuku Bhd. 4. Expenses incurred regarding the annual general meeting of shareholders comprise the cost of refreshments and food provided at the meeting. 5. Contributions comprise: 6. Depreciation comprises: 7. Foreign exchange loss comprises: 8. Insurance premiums include a sum of RM60,000 paid to Oteire Insurance Bhd, a company incorporated in Malaysia, regarding importing raw materials from Japan. 9. Maintenance and utilities include a provision for maintenance of plant and machinery used in manufacturing tolling up to RM20,500. 10. Marketing expenses include: - A sum of RM39,000 in respect of product testing in Japan to promote the company's product. - A sum of RM138,000 embezzled by a finance director. - A sum of RM23,000 stolen by a cashier. 11. Pre-operating expenses An amount of RM450,000 was incurred in setting up the manufacturing operations and was amortised over six years. 12. Provision for bad debts comprises: RM23,000 of the bad debts recovered related to non-trade debts. RM35,000 of the bad debts written off is in respect of a car loan to an ex-employee. RM68,000 of the specific provision relates to non-trade debts. 13. Rental of premises includes rent paid in advance from 1 May 2022 to 31 August 2022, amounting to RM36,000. 14. Repairs include a sum of RM72,000 incurred regarding tools with a life span of fewer than two years. This sum comprises RM45,000 for devices replaced and RM27,000 for additional tools. 15. Research and development expenses comprise: 16. Travelling expenses include hotel accommodation and sustenance allowance provided to a marketing director and a marketing manager amounting to RM5,000 and RM3,000 respectively during their five-day business trip to Japan to negotiate sales contracts. The sum comprises: 17. Wages and salaries include a sum of RM240,000 incurred on leave passages provided to senior management staff. The sum comprises: Each senior management staff was granted only two local leave passages in the year, utilised in December 2021. 18. Additional information: I. A new factory that has not previously been used as an industrial building was purchased by Kubeko Sdn Bhd on 25 September 2021 for RM670,000 (including RM90,000 for land cost). The factory commenced being used by the company in December 2021. II. A lorry was purchased on 1 October 2019 for RM180,000 and sold on 15 June 2022 for RM105,000. III. A computer was bought on 31 August 2020 for RM60,000 and sold on 31 May 2022 for RM20,000. IV. Capital allowance for the year of assessment 2022 amounts to RM120,000, excluding the assets sold and acquired during the financial year. V. An adjusted loss of RM849,600 is brought forward from the year of assessment 2021. Required: a. Compute the tax payable by Kubeko Sdn Bhd for the year of assessment 2022. Every item mentioned in the notes to the accounts must be listed in your computation. Note: 1. Where no adjustment is needed, indicate "NIL" in the appropriate column. 2. Include all workings

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