Marko Polo Ltd is an importer of stationery, the business sells these items to a wholesaler...

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Marko Polo Ltd is an importer of stationery, the business sells these items to a wholesaler for cash and to its retailers using the terms of an instalment credit agreement. The instalment credit agreement makes provision for the payment of a 25% deposit and the balance, which is inclusive of finance charges, over an 18-month period. The following financial information relates to the company's debtors with regard to their instalment agreements Debtors' balances at 28/29 February sales (excluding finance charges Doubtful debts (included in the above amounts) debtors (excluding finance charges) finance charges accrued in terms of section24.J Gross profit percentage The companys taxable income for the previous year of assessment The companys taxable income for the current year of assessment Current year 320 000 80 000 64 000 40% R124 000 R318 000 Previous year 360 000 40 000 32 000 40% These amounts are prior to takong into account any of the adjustments made in respect of debtors You are required to calculate Marko Polo Ltd.'s taxable income for the previous and current years of assessment. Question 2 (5 Marks) Modise Ltd had a gross income of R200 000 and expenses of R300 000 for the year ended 28 February 2018. For the 2019 year of assessment the company had gross income of R240 000 and expenses of R200 000 and, in the 2012 year, gross income of R380 000 and expenses of R240 000. You are required to calculate the company's taxable income or assessed loss for the 2018, 2019 and 2020 years of assessment. Marko Polo Ltd is an importer of stationery, the business sells these items to a wholesaler for cash and to its retailers using the terms of an instalment credit agreement. The instalment credit agreement makes provision for the payment of a 25% deposit and the balance, which is inclusive of finance charges, over an 18-month period. The following financial information relates to the company's debtors with regard to their instalment agreements Debtors' balances at 28/29 February sales (excluding finance charges Doubtful debts (included in the above amounts) debtors (excluding finance charges) finance charges accrued in terms of section24.J Gross profit percentage The companys taxable income for the previous year of assessment The companys taxable income for the current year of assessment Current year 320 000 80 000 64 000 40% R124 000 R318 000 Previous year 360 000 40 000 32 000 40% These amounts are prior to takong into account any of the adjustments made in respect of debtors You are required to calculate Marko Polo Ltd.'s taxable income for the previous and current years of assessment. Question 2 (5 Marks) Modise Ltd had a gross income of R200 000 and expenses of R300 000 for the year ended 28 February 2018. For the 2019 year of assessment the company had gross income of R240 000 and expenses of R200 000 and, in the 2012 year, gross income of R380 000 and expenses of R240 000. You are required to calculate the company's taxable income or assessed loss for the 2018, 2019 and 2020 years of assessment.