Selma Shalom had the following income for the year of assessment ending 28 February 2022. Amount N$ 84 000 Item Salary Director's Fee Interest from FNB 60 000 11 000 Interest from ABSA (SA) Dividends 23 000 45 000 Legacy received Gift from a friend 35 000 15 000 Profit on sale of a house 40 000 Share premium receipt Subsidy on soil erosion Annuity from a UK Insurance company Lump sum from employer Profit from business branch Kenya Compensation for damages to office block Owned by a property investor Sale of shares held as: 18 000 30 000 10 000 50 000 22 000 120 000 Investment 80 000 Trading Stock Bet win on results of a soccer match 65 000 7 500 Interest from Bank Windhoek 15 000 Restraint of trade payment received Profit from Namibian Business branch 25 00 55 000 Gross income Calculate the gross income of Selma Shalom for the year of assessment ending at 28 February 2022. As part of your answer provide a reason for every item excluded from gross income.

Selma Shalom had the following income for the year of assessment ending 28 February 2022. Amount N$ 84 000 Item Salary Director's Fee Interest from FNB 60 000 11 000 Interest from ABSA (SA) Dividends 23 000 45 000 Legacy received Gift from a friend 35 000 15 000 Profit on sale of a house 40 000 Share premium receipt Subsidy on soil erosion Annuity from a UK Insurance company Lump sum from employer Profit from business branch Kenya Compensation for damages to office block Owned by a property investor Sale of shares held as: 18 000 30 000 10 000 50 000 22 000 120 000 Investment 80 000 Trading Stock Bet win on results of a soccer match 65 000 7 500 Interest from Bank Windhoek 15 000 Restraint of trade payment received Profit from Namibian Business branch 25 00 55 000 Gross income Calculate the gross income of Selma Shalom for the year of assessment ending at 28 February 2022. As part of your answer provide a reason for every item excluded from gross income.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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