Page 20 - Test 1 Slides - 4. Gross Income

GROSS INCOME

Received by

Example 7

• A company makes cash sales of R200 000 in a day. An

employee steals R10 000 of the cash at the end of the day

from the cash register which results in only R190 000 being

banked.

• How much will be included in gross income of the company?

Solution:

• The amount of R200 000 will be included in gross income as

it was received by the company for its own benefit

(Geldenhuys case)

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