TAX2601 ASSIGNMENT 6 SEMESTER 2 2024

10/30/24, 12:39 AM Assessment 6: Attempt review




TAX2601-24-S2  Assessment 6

QUIZ




Started on Tuesday, 29 October 2024, 10:48 PM
State Finished
Completed on Wednesday, 30 October 2024, 12:39 AM
Time taken 1 hour 50 mins
Grade 80.00 out of 100.00


Question 1

Complete

Mark 2.00 out of 2.00




Ngwenya (Pty) Ltd buys stock in bulk in order to take advantage of bulk
discounts.


On 28 February 2023, Ngwenya (Pty) Ltd had a closing stock on hand at the
warehouse, valued at R2 200 000. During the 2024 year of assessment the
company sold trading stock for R2 700 000. Due to some financial constraints,
the company did not buy any trading stock during the 2024 year of assessment
and had closing stock valued at R380 000 on
29 February 2024. Assume the cost and market value is the same.

Calculate Ngwenya (Pty) Ltd's taxable income for the year of assessment
ending on
29 February 2024.


a. R4 520 000
b. R2 700 000
c. R(880 000)
d. R880 000




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