Trading stock is regarded as a revenue asset. Rev Cars, a motor dealer purchases a motor vehicle in November $2022$ for R$560000($net of VAT$)$ and sells it in March $2023$ for R$640000($net of VAT$).$

Required:

$4\mathrm{.}1$ Show the effect of the transaction above for Rev Cars $(9)$

$4\mathrm{.}2$ Discuss the differences between closing and opening stock as per Section $22$ of

the Income Tax Act