Find fect or loob

QUESTION $1(30$ marks, $54$ minutes$)$

Lucky Dlamini Steel $($Pty$)$ Ltd $($LDS$)$ manufactures a wide variety of steel products for the building industry in South Africa. LDS is a small business corporation as defined in the income Tax Act. LDS$\text{'}$s financial year ends on $28$ February $2025$ and the company is also a registered VAT vendor. LDS only makes taxable supplies and have all the valid tax invoices in support of expenses incurred and payments made.

The accountant provides you with the following information for the two$-$month VAT period ending on $28$ February $2025.$ All amounts stated excludes VAT, unless specifically stated otherwise:

$\backslash$table$[[$INCOME$/$RECEIPTS$,$NOTE,AMOUNT $R$

Findsertortooks

Notes

Included in the amount of the sales to South African customers is an amount of R$13200$ for sales made to Mr$.$ D$.$ Moto on $15$ January $2025.$ Mr$.$ D$.$ Moto was finally sequestrated on $25$ February $2025$ in the Pretoria High Court.

The receipt of R$18985$ from Naidoo Attorneys relates to an amount that was written off as a bad debt on $20$ February $2024$ for a sale to Peter Odinga Manufacturing $($Pty$)$ Ltd during the $2024$ year of assessment. This amount includes VAT. The legal fees paid of R$2250$ relates to the collection of the bad debt previously written off.

LDS recelved an amount of R$189750$ on $21$ February $2025$ from its insurance company. The amount recelved represents a claim for the following:

R$171250$ for a damaged steel cutting machine used in the manufacturing process.

R$18500$ for a damaged coffee machine used by statf members in their canteen.

The rent recelved of R$75500$ is for rental income from DCT Consulting $($Pty$)$ Led renting vacant office space from LDS$.$

Included in the purchases amount of R$950350$ is an amount of R$15250$ that was identified as damaged goods on delivery to the factory buliding of LDS on $17$ February $2025.$ The suppler has issued the necessary tax credit nole on $22$ February $2025$ forios.

Findsertortooks

Notes

Included in the amount of the sales to South African customers is an amount of R$13200$ for sales made to Mr$.$ D$.$ Moto on $15$ January $2025.$ Mr$.$ D$.$ Moto was finally sequestrated on $25$ February $2025$ in the Pretoria High Court.

The receipt of R$18985$ from Naidoo Attorneys relates to an amount that was written off as a bad debt on $20$ February $2024$ for a sale to Peter Odinga Manufacturing $($Pty$)$ Ltd during the $2024$ year of assessment. This amount includes VAT. The legal fees paid of R$2250$ relates to the collection of the bad debt previously written off.

LDS recelved an amount of R$189750$ on $21$ February $2025$ from its insurance company. The amount recelved represents a claim for the following:

R$171250$ for a damaged steel cutting machine used in the manufacturing process.

R$18500$ for a damaged coffee machine used by statf members in their canteen.

The rent recelved of R$75500$ is for rental income from DCT Consulting $($Pty$)$ Led renting vacant office space from LDS$.$

Included in the purchases amount of R$950350$ is an amount of R$15250$ that was identified as damaged goods on delivery to the factory buliding of LDS on $17$ February $2025.$ The suppler has issued the necessary tax credit nole on $22$ February $2025$ forios.

Tind bext ar lools

Notes

Included in the amount of the sales to South African customers is an amount of R$13200$ for sales made to Mr$.$ D$.$ Moto on $15$ January $2025.$ Mr$,$ D$.$ Moto was finaly sequestrated on $25$ February $2025$ in the Pretoria High Court.

The receipt of R$18985$ from Naidoo Attomeys relates to an amount that was written off as a bad debt on $20$ February $2024$ for a sale to Peter Odinga Manufacturing $($Pty$)$ Ltd during the $2024$ year of assessment. This amount includes VAT. The legal fees paid of R$2250$ relates to the collection of the bad debt previously written oft.

LDS recelved an amount of R$189750$ on $21$ February $2025$ from its insurance company. The amount received represents a claim for the following:

R$171250$ for a damaged steel cutting machine used in the manufacturing process.

R$18500$ for a damaged coffee machine used by stafl members in their canteen.

The rent recelved of R$75500$ is for rental income from DCT Consuting $($Pty$)$ Ldd renting vacant office space from LDS$.$

Included in the purchases amount of R$950350$ is an amount of R$15250$ that was identified as damaged goods on delivery to the factory bullding of LDS on $17$ February $2025.$ The supplier has issued the necessary tax credit note on $22$ February $2025$ for LDS$.$

Find tee ortiocs

$6.$ A new single cap bakkie was purchased on $1$ February $2025$ for an amount of R$425500($including VAT$).$ The bakkie was provided as a company vehicle to Mr$.$ D Malebuia, the marketing manager of LDS$,$ on $1$ February $2025.$ Mr$.$ Matebula makes not contribution to the cost of the bakkie.

$7.$ A second$-$hand cutting machine was purchased from a non$-$vendor on $2$ January $2025$ for R$95000.$ LDS pald R$50000$ of the purchase price on $15$ January $2025$ and the balance of R$40000$ on $3$ March $2025.$

$8.$ LDS purchased special steel plates from an Italian su