Simonsberg Pty Ltd is a company located in Cape Town that manufactures ladies and kiddies clothing. The following information is available for the year ended February all amounts exclude VAT unless otherwise stated: Income Notes R Sales Interest received Expenses and costs Learnership agreement Purchases of raw materials during the year Inventory Salaries and wages Bad debts Legal expenses Annuity paid to former employee Broadbased employee share plans Restraint of trade Machinery including Vat Commercial building Notes: The company entered into registered learnership agreements that fulfil all the section H criteria with John and Kate. John was employed on March as a learner on a fulltime basis, with a level NQF qualification. This qualification will be required to be completed at the end of two years. Kate a disabled person was registered as a learner on a parttime basis on March with a level NQF qualification. In terms of the registered learnership agreement, the learnership will be completed at the end of months. This was duly achieved. The cost price of the opening stock was R and the market value was R as on March The cost price of the closing stock was R and the market value was R on February Salaries paid during the current year of assessment amounted to R and the balance was the companys contribution towards a provident fund on behalf of its employees. The following bad debts were written off during the current year of assessment: Trade debtors of the total bad debts amount Loan to a supplier of the total bad debts amount Legal expenses were incurred as follows: Drafting of a restraint of trade agreement amounting to R for an employee who had resigned to start his own business. The balance of the expenses relate to collection of outstanding trade debtors. The company paid an annuity of R to an exemployee who retired at years of age during the current year of assessment. On January the company granted shares to of its permanent staff at no consideration. The market value per share was R on the date that the shares were offered and they carry no restrictions. The plan in terms of which the shares were issued by the company qualifies as a broadbased employee share plan in terms of section B The full payment was made to the former operations manager on December for agreeing not to start a business in South Africa within a period of five years. On April a new manufacturing machine was acquired which was brought into use on June The company elects the Section C writeoff allowance. The company constructed a mini commercial building on July The building was completed and immediately brought into use on January Required: Calculate in detail Simonsberg Pty Ltds taxable income for the year ended February Show all workings and full explanations where applicable.

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