Explain the following: (a). Mafisa & Matimela. (4 marks) (b). “wholly” “Exclusively” and “necessarily
Explain the following:
(a). Mafisa & Matimela. (4 marks)
(b). “wholly” “Exclusively” and “necessarily
Homework Answers
1) Mafisa refers to the livestock lent to another individual for a specified period. The cattle form part of the owner`s herd would be taxable in their own hands.
Matimela refers to the stray cattle. These animals reduce the closing stock of the farmer. When the cattle’s are found it would be considered in the opening stock as lost and found
2) The rule of “wholly” “Exclusively” and “necessarily” states that all outgoing and expenditure would be only deductible in computing the business profits when incurred only for business purposes
Add Answer to:
Explain the following:
(a). Mafisa & Matimela. (4 marks)
(b). “wholly” “Exclusively” and “necessarily
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please explain very well.Thanks
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