Question: SQUESTION 1 ( 2 0 Marks ) 1 . 1 Ben ( 5 5 years old ) is a sole proprietor of ABC Bakery. He

SQUESTION 1(20 Marks)1.1 Ben (55 years old) is a sole proprietor of ABC Bakery. He qualified and registered as a micro-business for tax purposes in the 2024 year of assessment. The following amounts relate to various amounts received by the business for the year. Sales during the year 1 R424000 Government grant exempt from tax R25000 Proceeds from sale of oven R44000 Interest earned on business bank account R12500 Refund received (relates to faulty equipment returned to supplier) R46000 A debtor owed Ben R30000 for goods bought on 30 September 2023 R55750 Additional Information Notes 1 Included in the sales figure is an amount R32000 received from a client for a contract concluded in the 2023 year of assessment and was subject to normal tax. Also included in the sales figure is an amount of R40000 for the sales of cupcakes to a bakery in Lesotho. Required: Calculate the turnover tax payable for the 2024 year of assessment. (14 Marks)how me the steps to solve

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!