Answered step by step
Verified Expert Solution
Question
1 Approved Answer
6. Charity Dithupa owns a hairdressing salon in Gaborone. In addition, she works full time at the Gaborone Town Council. Her results for the year
6. Charity Dithupa owns a hairdressing salon in Gaborone. In addition, she works full time at the Gaborone Town Council. Her results for the year ended 30 June 2016 are as follows: Revenue from sales 1,615,000 Medical aid receipts 5,000 Dividends received 2,000 Tax refunded 17,900 Closing inventory 58,000 1,697,900 QP-ASR-0011 Rev 000 Eff Date: 17-05-2021 43,000 972,000 100,000 28,000 Opening inventory Purchases Rent paid Donations made to Charity Barclays Bank share purchase o School fees Traffic penalty Wages paid Electricity paid VAT fines 32,000 27,000 1,000 400,000 35,000 14,000 Page 9 of 10 1,652,000 Net profit 45,900 In addition, you are given the following information: 1. Charity has a loss brought forward in respect of the business amounting to P197,000. 2. P The cost of equipment used in the business 400,000 Capital allowances claimed to 30 June 2015 175,000 3. Charity made a profit of P96, 000 on the sale of shares in her brother's company, Amantle Isaacs Enterprises (Pty) Ltd. 4. Charity's chargeable Income from employment is, P392,500. Required: (a) Do calculation for the capital allowances & chargeable income for the business (11 marks) (b) Calculate the loss carried forward if any for the business (3 marks) (c) What is the due date for submitting the business tax return. (2 marks) (d) Explain the tax treatment for the loss brought forward. (4 marks) : 17-05-2021
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started