Mr Lawrence Pang, aged 44 is a Singapore citizen

Accounting Jan 18, 2021

Mr Lawrence Pang, aged 44 is a Singapore citizen. He had received Dividend [one tier] of $440 and his share of rental loss was $2,900. He is earning a salary of $5,600 per month. The statutory income attributable to Lawrence Pang will be:

a. $64,740

b. $67,200

c. $67,640

d. None of the answers

Expert Solution

Answer (c) 67,640

Salary income 5600*12=67,200

+Dividend income =$2,900

Total statuory income will be $67,640

Rental losss will not be sett off against salasry income and other income.

(a) $64,740 can not be the answer because its come after deducting $2900 which is wrong treatement

(b)67,200 is the only salary income it does not include dividend income so it is also wrong

(d) none of these can not be the answer since correct answer is given in the option which is (c)

Archived Solution

Unlocked Solution

You have full access to this solution. To save a copy with all formatting and attachments, use the button below.

Already a member? Sign In

Important Note: This solution is from our archive and has been purchased by others. Submitting it as-is may trigger plagiarism detection. Use it for reference only.

For ready-to-submit work, please order a fresh solution below.

Or get 100% fresh solution

Get Custom Quote