Definition of “income”

The accountant of Comfort Shoe wholesalers is busy with recording income and is struggling

with the following transactions:

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21 Comfort Shoe sells a motor vehicle for R30 000, the vehicle was purchased for

R20 000

22 Received a deposit of R2 000 from AB Company to manufacture 50 pairs of shoes

23 Commission income was received but not yet earned, R1 100

24 Received R350 from a debtor for items sold on credit

25 Comfort shoes sells inventory for R10 000 cash


Explain using the definition of “income” whether each of these transactions results in income

for the period

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