Tiakies Limited has an assessed loss of R420 000 from the year ended 30 June 2021. During the2022 tax year the company earned a gross income of R480 000 and incurred deductible expensesof R110 000. One creditor, to whom the company owed R120 000, agreed to accept the lesseramount of R90 000 in full and final settlement.Questions:Q.6.1 Calculate Tinkies Limited's taxable income or assessed loss for the 2022 tax year.Assume ring fencing is not applicable.Assume that the 80% limitation is not effective.Round your calculations to the nearest Rand.

(A) Gross Income = R4,80,000 (B) Deductible Expenses = R1,10,000 (C)…

Answered: unkies Limitéd häs än assésséd lošs…

unkies Limitéd häs än assésséd lošs 2022 tax year the company earned a of R110 000. One creditor, to whom t amount of R90 000 in full and final se

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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Question

Tiakies Limited has an assessed loss of R420 000 from the year ended 30 June 2021. During the
2022 tax year the company earned a gross income of R480 000 and incurred deductible expenses
of R110 000. One creditor, to whom the company owed R120 000, agreed to accept the lesser
amount of R90 000 in full and final settlement.
Questions:
Q.6.1 Calculate Tinkies Limited's taxable income or assessed loss for the 2022 tax year.
Assume ring fencing is not applicable.
Assume that the 80% limitation is not effective.
Round your calculations to the nearest Rand.

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