2025 – S1 – TAX2601 – ASSESSMENT 2 – Q&A
QUIZ
Assessment 2
Started on Saturday, 26 April 2025,
State Finished
Completed on Saturday, 26 April 2025,
Time taken
Grade 40.00 out of 40.00 (100%)
Question 1
Ngwenya (Pty) Ltd experienced a couple of break-ins at the shop. The company
acquired a watchdog for R6 700. The dog food expense for the watchdog of R13 200
were incurred for the 28 February 2025 year of assessment. The watchdog had to
visit the vet during the 2025 year of assessment at a cost of R2 500. What amount
can Ngwenya (Pty) Ltd deduct in terms of the general deduction formula (section
11(a)) for tax purposes with regards to the above costs incurred for the 2025 year of
assessment?
a.
R nil
b.
R19 900
c.
R15 700
d.
R22 400
Feedback
The correct answer is: R15 700
1
,2025 – S1 – TAX2601 – ASSESSMENT 2 – Q&A
Question 2
Ngwenya (Pty) Ltd imports trading stock from Brazil. The cost of the trading stock is
the equivalent of R4 300 000, shipping costs are R95 000, insurance costs are R55
000 and customs and excise duties are R430 000. The trading stock was received at
the warehouse by the end of its 2025 year of assessment. Calculate the value of
trading stock for the year of assessment ended 28 February 2025.
a.
R4 880 000
b.
R4 395 000
c.
R4 300 000
d.
R4 450 000
Feedback
The correct answer is: R4 880 000
Question 3
Ngwenya (Pty) Ltd manufactures vehicles. During the year of assessment the
company incurred the following costs to manufacture one vehicle:
-Production costs = R2 800 000
-Testing costs to get the vehicle roadworthy = R90 000
-Delivery truck traffic fine due to worn-out windshield wipers = R1 500
-Transportation costs to the warehouse = R25 000
What is the cost of this trading stock item for valuation purposes?
a.
R2 825 000
b.
R2 915 000
c.
R2 890 000
2
, 2025 – S1 – TAX2601 – ASSESSMENT 2 – Q&A
d.
R2 916 500
Feedback
The correct answer is: R2 915 000
Question 4
Ngwenya (Pty) Ltd purchased a trademark called Nix on 1 November 2024 and a
patent called Tix on 1 December 2024. The trademark cost was R720 000 and the
cost of the patent was R670 000. Calculate the deduction or allowance available to
Ngwenya (Pty) Ltd for the year of assessment ending 28 February 2025.
a.
Trademark R0 Patent R8 375
b.
Trademark R12 000 Patent R8 375
c.
Trademark R36 000 Patent R33 500
d.
Trademark R0 Patent R33 500
Feedback
The correct answer is: Trademark R0 Patent R33 500
Question 5
A fire occurred at Ngwenya (Pty) Ltd's warehouse on 15 September 2024, trading
stock with a value of R590 000 was destroyed. On 20 January 2025, the insurance
company awarded the company R320 000 for the loss of this trading stock. How
much can Ngwenya (Pty) Ltd deduct for tax purposes relating to the insured stock for
the year of assessment ended 28 February 2025.
a.
R590 000
b.
R270 000
c.
3
QUIZ
Assessment 2
Started on Saturday, 26 April 2025,
State Finished
Completed on Saturday, 26 April 2025,
Time taken
Grade 40.00 out of 40.00 (100%)
Question 1
Ngwenya (Pty) Ltd experienced a couple of break-ins at the shop. The company
acquired a watchdog for R6 700. The dog food expense for the watchdog of R13 200
were incurred for the 28 February 2025 year of assessment. The watchdog had to
visit the vet during the 2025 year of assessment at a cost of R2 500. What amount
can Ngwenya (Pty) Ltd deduct in terms of the general deduction formula (section
11(a)) for tax purposes with regards to the above costs incurred for the 2025 year of
assessment?
a.
R nil
b.
R19 900
c.
R15 700
d.
R22 400
Feedback
The correct answer is: R15 700
1
,2025 – S1 – TAX2601 – ASSESSMENT 2 – Q&A
Question 2
Ngwenya (Pty) Ltd imports trading stock from Brazil. The cost of the trading stock is
the equivalent of R4 300 000, shipping costs are R95 000, insurance costs are R55
000 and customs and excise duties are R430 000. The trading stock was received at
the warehouse by the end of its 2025 year of assessment. Calculate the value of
trading stock for the year of assessment ended 28 February 2025.
a.
R4 880 000
b.
R4 395 000
c.
R4 300 000
d.
R4 450 000
Feedback
The correct answer is: R4 880 000
Question 3
Ngwenya (Pty) Ltd manufactures vehicles. During the year of assessment the
company incurred the following costs to manufacture one vehicle:
-Production costs = R2 800 000
-Testing costs to get the vehicle roadworthy = R90 000
-Delivery truck traffic fine due to worn-out windshield wipers = R1 500
-Transportation costs to the warehouse = R25 000
What is the cost of this trading stock item for valuation purposes?
a.
R2 825 000
b.
R2 915 000
c.
R2 890 000
2
, 2025 – S1 – TAX2601 – ASSESSMENT 2 – Q&A
d.
R2 916 500
Feedback
The correct answer is: R2 915 000
Question 4
Ngwenya (Pty) Ltd purchased a trademark called Nix on 1 November 2024 and a
patent called Tix on 1 December 2024. The trademark cost was R720 000 and the
cost of the patent was R670 000. Calculate the deduction or allowance available to
Ngwenya (Pty) Ltd for the year of assessment ending 28 February 2025.
a.
Trademark R0 Patent R8 375
b.
Trademark R12 000 Patent R8 375
c.
Trademark R36 000 Patent R33 500
d.
Trademark R0 Patent R33 500
Feedback
The correct answer is: Trademark R0 Patent R33 500
Question 5
A fire occurred at Ngwenya (Pty) Ltd's warehouse on 15 September 2024, trading
stock with a value of R590 000 was destroyed. On 20 January 2025, the insurance
company awarded the company R320 000 for the loss of this trading stock. How
much can Ngwenya (Pty) Ltd deduct for tax purposes relating to the insured stock for
the year of assessment ended 28 February 2025.
a.
R590 000
b.
R270 000
c.
3
