STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2014

ASSETS
Non-current assets
Office equipment
Computers
Computer software

Current assets
Trade receivables
Other receivables
Fixed deposit interest receivables
Deposits
Cash in hand

Total assets
EQUITY AND LIABILITIES
Capital and reserves
Partners' capital
Partners' current accounts
Profit for the year

Current Liabilities
Trade payables
Accruals
Bank overdrafts

Total equity and liabilities

2014
S$

2013
S$

212
7,259
7,471

523
9,465
9,988

58,935
63
300
324
59,622

43,822
63
300
271
44,456

67,093

54,444

16,921
(400,102)
192,227
(190,954)

16,921
(335,345)
94,516
(223,908)

500
4,972
252,575
258,047

500
10,372
267,480
278,352

67,093

54,444

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2014

Revenue
Less:

Cost of services

Gross profit
Add: Other income
CPF Special employment credit

Less: Operating expenses

Administrative expenses
Accounting fee
Advertisement
Amortisation
Audit fee
Bank charges
Bonus
CPF Contribution
Depreciation
Entertainment & refreshment
General expenses
Insurance
Medical fee
Newspaper, books & periodicals
Office maintenance
Printing & stationery
Salary
Skill development levy
Staff welfare
Stamp & postages
Subscription fee
Tax fee
Telephone charges
Transport
Travelling expenses
Upkeep of office equipment
Water & electricity

Other expenses
Bad debts written off - trade
Fixed assets written off

2014
S$

2013
S$

504,876

464,651

51,256

67,330

453,620

397,321

1,675
455,295

1,960
399,281

59
2,983
6,253
13,767
5,465
34,885
15
13,719
1,682
1,204
13,352
6,378
85,756
336
3,106
375
866
11,055
17,260
22,852
263
6,666
248,297

3,150
47
1,800
371
8,494
13,563
5,285
61,824
498
10,765
2,428
396
12,401
9,787
86,557
235
1,495
407
4,161
350
12,980
22,909
19,321
722
5,565
285,511

2,966
-

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2014
2014
S$
Late payment interest

Finance expenses
Bank overdraft interest
Profit before income tax

2013
S$
-

2,966

14,771

16,288

192,227

94,516

COMPUTATION OF 4-LINE STATEMENT YE 31 DECEMBER 2014

S$
Revenue

504,876

Gross Profit/(Loss)

455,295

Less : Allowable Business Expenses

233,355

Adjusted Profit

221,940

Computation of Allowable Deductions

Total expenses as per accounts

263,068

Less : Disallowable Business Expenses

Depreciation
Entertainment & refreshment
Medical fee
Subscription fee
Transport
Travelling

5,285
20,608
1,342
203
7,636
6,440

41,514
221,554

Add:
Productivity & innovative credit
Capital allowance

11,696
105

Allowable Business Expenses

233,355

Page 4 of 10

COMPUTATION OF 4-LINE STATEMENT YE 31 DECEMBER 2014

PER FORM P
1
TRADE,BUSINESS,PROFESSION
4 LINE STATEMENT
a
revenue
b
gross profit
c
allowable business expenses
- excluding partners salary
d
adjusted profit/loss d = b - c
less:
e
f
g
2
3

504,876
455,295
233,355
221,940

Partners' salary,bonus cpf

Partners' other benefit
Divisible profit/loss g = d - e - f

0
0
221,940

INTEREST
OTHER INCOME

0
0

TOTAL INCOME 1 (d) + (2) + (3)

Partner's 1
Partner name
Basis of distribution of profit/loss %

221,940
Partner IC no.
50.00

Share of divisible profit/loss

Partner's Salary, Bonus & CPF
Partner's Other Benefit
Total share

Partner's 2
Partner name
Basis of distribution of profit/loss %

110,970
0
0
110,970

Partner IC no.
50.00

Share of divisible profit/loss

Partner's Salary, Bonus & CPF
Partner's Other Benefit
Total share

110,970
0
0
110,970

Page 5 of 10

Tax Computation
S$
192,227

Profit before income tax

Add:

Disallowable expenses
Depreciation
Entertainment & refreshment
Medical fee
Transport
Travelling

Adjusted profit
Less:
Productivity & Innovation Credit
Assessable income

Partners' sharing:
Partner's 1
Partner's 2

5,465
11,628
624
5,753
7,617

Sch A1
Sch A3
Sch A5
31,087 Sch A6
223,314

11,792
211,522

105,761
105,761
211,522

Year of Assessment: 2015

Basis Period: 1/1/2014 - 31/12/2014
Schedule A
S$
Entertainment & refreshment
Incurred for business associates

34,885 Sch 1

Allowable
Disallowable (Add back 1/3)

23,257
11,628
34,885

Insurance
Professional indemnity

13,719 Sch 2
-

Medical fee
Lower of:
(A)
CPF contribution
Salary
Bonus
1%
or (B):
Actual medical fee expenses

13,767
85,756
6,253
105,776
1,058

1,682 Sch 3

Therefore (A) is applied.

Allowable
Disallowable

Subscription fee
Singapore Academy of Law
Netrust Pte Ltd
Adjustment for business renewal fee

1,058
624
1,682

749
107
10
866 Sch 4

Year of Assessment: 2015

Basis Period: 1/1/2014 - 31/12/2014
Schedule A
S$
Transport
Public transport claims
Allowable
Disallowable (Add back 1/3)

Travelling
Business trips to overseas
Allowable
Disallowable (Add back 1/3)

17,260 Sch 5
11,507
5,753
17,260

22,852 Sch 6
15,235
7,617
22,852

Year of Assessment: 2015

Basis Period: 1/1/2014 - 31/12/2014
Schedule B
S$
Fixed assets addition
Computers
1 unit Macbook Pro
1 unit Lenovo Laptop

1,470
1,478
2,948

Year of Assessment: 2015

Basis Period: 1/1/2014 - 31/12/2014

Productivity & Innovation Credit

(Enhanced Allowance Claim)

Item

Computers

Cost
S$

2,948

Base
Enhanced
Allowance Allowance
(100%)
(300%)
S$
S$
(A)
(B)
2,948

8,844

Total
S$
C=A+B
11,792