Thabang Mogwe works at waneng Mine as a Mine Captain and he also owns a farm in Ghants. The follow is given for the tax year ended 30 June 2020 16,750 5,986 Farming income Cattles sales (2,098 head) 2,359,652 Cattle purchases (1,536) 2 1,438,550 Purchase of truck -140,000 Construction of farm buildings -77,4324 Bush clearing 175,8346 Stockfeed 578,744 L Administration costs 170,7967 Wages of farm workers 307,722 Disposal of farm equipment 40,000 Insurance claim received Other income Interest received from bank! 9,584 Dividends received Other information 1. The farming loss brought forward at 1 July 2019 was P218,544 2. The cattle stock at 1 July 2019 was 2,246 head 3. The written down value of farm equipment sold was P14,400 4. The cattle stock movement (head of cattle) during the year was as follows: 432 Natural increase 206 Deaths 40 Private consumption 16 Gifts 5. The standard value of cattle for tax purposes is P430 per head 6. Thabang made a pension contribution of P32,680 Required Rev 004 a) Calculate Thabang Mogwe's chargeable income/loss from farming for the tax year ended 30 June b) Calculate Thabang's taxable income for the year. (3 Marks) c) Calculate the farming loss, if any, to be carried forward. (2 Marks) Question 2 During the year ended 30 June 2020, 5! Thabang Mogwe works at waneng Mine as a Mine Captain and he also owns a farm in Ghants. The follow is given for the tax year ended 30 June 2020 16,750 5,986 Farming income Cattles sales (2,098 head) 2,359,652 Cattle purchases (1,536) 2 1,438,550 Purchase of truck -140,000 Construction of farm buildings -77,4324 Bush clearing 175,8346 Stockfeed 578,744 L Administration costs 170,7967 Wages of farm workers 307,722 Disposal of farm equipment 40,000 Insurance claim received Other income Interest received from bank! 9,584 Dividends received Other information 1. The farming loss brought forward at 1 July 2019 was P218,544 2. The cattle stock at 1 July 2019 was 2,246 head 3. The written down value of farm equipment sold was P14,400 4. The cattle stock movement (head of cattle) during the year was as follows: 432 Natural increase 206 Deaths 40 Private consumption 16 Gifts 5. The standard value of cattle for tax purposes is P430 per head 6. Thabang made a pension contribution of P32,680 Required Rev 004 a) Calculate Thabang Mogwe's chargeable income/loss from farming for the tax year ended 30 June b) Calculate Thabang's taxable income for the year. (3 Marks) c) Calculate the farming loss, if any, to be carried forward. (2 Marks) Question 2 During the year ended 30 June 2020, 5