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QUESTION 1 (20 Marks Jabu Mhionge, a reeident of the Fepublic ogerates a smal arts and crats business h Hout Bur, Cape town The following
QUESTION 1 (20 Marks Jabu Mhionge, a reeident of the Fepublic ogerates a smal arts and crats business h Hout Bur, Cape town The following tems relate to the 2023 year of astessinent. - During May 26e2, Jabu sold supples to a deaier in Moca-bique for a cash proe of R90 000 - Jabu sold some arts and crabs that had been in his farily lor generasoes. He tad been using t in his home. He sold it for cash for R70000. - During Fetruary 2023, Jabu was paid a non-returdabie dopose of Rt 10000 from a cistoner for thems to be dellivered to her in Tsharine during March 2023 - Duting June 2022, Jabu travelled to Swaziand and cartied out wock on anthow paintings and homeware. A debt of R15 000 lor his work was sist outstanding on 28 Fetruary 2023 . - Whie in Swazland, Jabu gartbied at a local casino. His net winnings were R120000. - He invested R40000 of his winnings is a six-monthly foxed daposs a a fnanclat hatitution in Swaziland. Interest calculated at 7% per annum for the six menths ended 31 Decenber 2022 was credted to his bark account in South Arica, it is payabie every six months. Required: Briffy dicouss, giving full reasons, whether the above amounts wil be included in Jabu Mhiongo's goess income for the 2023 year of assessment. Ignore capial gains tas
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