FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:From 1 March 2021 to 28 February 2022, employee A used her own vehicle for
business purposes. She received a travelling allowance of R20 000 per month for this
purpose. She travelled a total of 65 000 kilometers during the year of which 45 000
kilometers was for private travel. She kept an accurate logbook during the period she
received the travel allowance. She purchased a motor vehicle for R660 000
(including VAT) on 28 February 2020. Finance charges for the current year was R105
000 and insurance was R3 500 a month, fuel was R7 000 a month and maintenance
was R12 000 for the period.
Do not use R, brackets, spaces, signs or decimals (unless specifically instructed)
The deemed cost per kilometer is R?? (calculate to 3 decimals) Blank 1
Travel allowance for the year: Blank 2
Wear and tear: Blank 3
Finance charges: Blank 4
Insurance: Blank 5
Fuel: Blank 6
Maintenance: Blank 7
Actual cost per kilometer in Rand (calculate to 3 decimals): Blank 8
Possible deduction allowed for business travel: Blank 9
Taxable benefit: Blank 10
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