Exam (elaborations)
TAX3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (798141) - DUE 13 September 2024
- Course
- Institution
- Book
TAX3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (798141) - DUE 13 September 2024
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
TAX3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (798141) - DUE 13 September 2024 ; 100% TRUSTED Complete, trusted solutions and explanations.
-
TAX3701 Assignment 2 Semester 2 2024 (798141) - DUE 13 September 2024. ; 100% TRUSTED Complete, trusted solutions and explanations.
-
TAX3701 Assignment 2 (VERIFIED ANSWERS) Semester 2 2024 (798141) - DUE 13 September 2024
Seller
Follow
Novaace1
Reviews received
Content preview
,T, AX3701 Assignment 2 (COMPLETE ANSWERS) Semes
ter 2 2024 (798141) - DUE 13 September 2024 ; 10
0% TRUSTED Complet
QUESTION 1 (35 marks, 63 minutes) Tau Steelworks (Pty) Ltd
(Tau) is a South African company manufacturing a range of steel
products used in building construction for the local and the
export market. The company is not a small business corporation
as defined and is also registered as a VAT vendor with the South
African Revenue Service (SARS). The company’s process of
manufacturing has been approved by SARS and its financial year
ends on 29 February 2024. All amounts exclude VAT unless
specifically stated otherwise. The accountant presented you
with the following information for the 2024 financial year: 1.
The total sales amounted to R. Included in this amount is an
amount of R17 500 related to export sales made to a client
from Germany. On 25 February 2024 Tau received a letter from
a German attorney, representing the German client, that the
German client has filed for liquidation and was finally liquidated
on 7 March 2024. 2. The cost of sales comprised the following:
R Opening stock Purchases Closing stock () Cost of sales The
market value of the opening stock on 1 March 2023 was R and
the market value of the closing stock on 29 February 2024 was
R. 3. Tau paid the following employee related expenses for the
2024 tax year: • Salaries and wages – R. • Contributions to a
pension fund for all employees – R195 200. • An annuity of R52
500 to Mrs. Dorcas Mabete, the wife an employee who died
during the 2024 year of assessment. • Tau made a restraint of
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Novaace1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.50. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now