Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ngwenya (pty) ltd incurred some research and devel

Ngwenya (Pty) Ltd incurred some research and development costs. The research and development was approved...

60.1K

Verified Solution

Question

Accounting

image Ngwenya (Pty) Ltd incurred some research and development costs. The research and development was approved by the Minister of Science and Technology under section 11D(9) on 30 June 2022. The following expenses relating to this research were incurred during the 2023 year of assessment: Computer equipment purchased for R1 400000 was brought into use on 1 September 2022 for the purposes of this research. Research consumables for this project were purchased on 31 May 2022 for an amount of R380 000. Salaries of R750 000 were paid to research assistants on 31 December 2022. Calculate the allowance that Ngwenya (Pty) Ltd can claim for tax purposes with regards to the salaries expense for the year ended 28 February 2023. a. R1125000 b. R750000 c. R375000 d. Rnil

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students