Question 1 (25 Marks) Current year Previous year Debtors balances at 28/29 February sales (excluding finance
Question:
Current year | Previous year | |
Debtors’ balances at 28/29 February – sales (excluding finance | ||
charges | 320 000 | 360 000 |
Doubtful debts (included in the above amounts) | ||
| 80 000 | 40 000 |
| 64 000 | 32 000 |
Gross profit percentage | 40% | 40% |
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.
Question 1 (25 Marks)Current year | Previous year | |
Debtors’ balances at 28/29 February – sales (excluding finance | ||
charges | 320 000 | 360 000 |
Doubtful debts (included in the above amounts) | ||
| 80 000 | 40 000 |
| 64 000 | 32 000 |
Gross profit percentage | 40% | 40% |
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.
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas