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TAX3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (798141) - DUE 13 September 2024 R44,69   Add to cart

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TAX3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (798141) - DUE 13 September 2024

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TAX3701 Assignment 2 (COMPLETE ANSWERS) Semester 2 2024 (798141) - DUE 13 September 2024

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  • September 9, 2024
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, 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

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