logo

Assignment on Advance Accounting

   

Added on  2020-07-22

9 Pages1347 Words71 Views
ADVANCE ACCOUNTING

Table of ContentsActivity: 1....................................................................................................................................1Activity 2.....................................................................................................................................1Activity 3.....................................................................................................................................2Activity 4.....................................................................................................................................3Activity 5.....................................................................................................................................4Activity 6.....................................................................................................................................5Activity 7.....................................................................................................................................5Activity 8.....................................................................................................................................6REFERENCES................................................................................................................................7

Activity: 1According to the partnership act, 1963 applied in Australia, net income of the partnershipis founded after disposal of business expenditures i.e. interest on capital, salaries, commissionand other whereas interest on drawing is included in the assessable income. Net profit for the year 254,000Add: Interest on drawing Jason5,000Nancy7,00012,000Total profit 2,66,000Less: Interest on capital Jason15000Nancy18000Johnny1200045,000Partner’s salariesJason62,000Net profit for the year Jason (1/3)53,000Nancy (1/3)53,000Johnny (1/3)53,000159,000Activity 2According to the Trust tax return instruction & Trust act, 1973, Trust’s net income isdetermined by subtracting the deductible expenditures from the assessable income for the givenyear. Trust can also set-off their previous year losses from the current year’s taxable income soas to get tax benefits (Barkoczy, 2016). Answer:Net loss in 2012/13: 15,000Net loss in 2013/14: 22,000Assessable income in 2014/15: 277,800General deduction: 120,800Calculation of Trust’s net income for the year 2014/15Net income in 2014/15277,800Less: Deductible expenditures120,800Net income for the year 157,000Page1

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Tax Documentations
|15
|1667
|27

Tax Documentation for Individuals
|16
|1781
|44

TAXATION LAW. TAXATION LAW. TAXATION LAW. 4. 4. Taxatio
|6
|489
|47

Transfer of the amount from TOTAL SUPPLEM to Westpac shares
|5
|1361
|130

Individual Tax Return (Doc)
|15
|2614
|118

Australian Taxation Law Exam with Solutions - Desklib
|7
|1401
|464