Corporate Accounting

Corporate Accounting

Table of Contents
QUESTION 1...................................................................................................................................1
QUESTION 2...................................................................................................................................2
a) Deferred tax calculations........................................................................................................2
b) Income Tax Journal for the year ended 30 June 2019............................................................2
c) Deferred Tax worksheet and deferred tax journals for 30 June 19.........................................3
d) Treatment of deferred tax and tax losses................................................................................4
QUESTION 3...................................................................................................................................5
a) Acquisition analysis and BCVR entries July 2018................................................................5
B) Consolidation worksheet entries 30 June 2019......................................................................5
C) Consolidation worksheet 30 June 2019..................................................................................6
REFERENCES................................................................................................................................8

QUESTION 1
Journal Entries
Date Particulars Debit Credit
2018
15/07/18 Final Call 400000
To Equity share capital 400000
31/08/18 Bank 380800
To Final Call 380800
10/09/18 Share capital 19200
To Share Forfeiture 19200
31/10/18 Bank 297500
To Equity share options 35000
To Equity share capital (35000*1.5) 262500
2019
31/01/19 Bank 200000
To share application 200000
05/02/19 Share Application 200000
To Equity share capital 200000
Underwriting Commission 6700
To Underwriters 6700
05/02/19 Underwriters 6700
To Bank 6700
1

Redemption of Preference Shares
18/02/19 Preference Share Capital 180000
Premium on Redemption 10800
To Preference Shareholder 190800
26/02/19 Preference shareholder 190800
To Bank 190800
General Reserve 10800
To premium on redemption 10800
15/04/19 Bank 65000
To Equity share options 26000
To Equity share capital (26000*1.5) 39000
QUESTION 2
a) Deferred tax calculations
Deferred tax worksheet
2018
Particulars Books TAX Diff Tax Rate
Tax
Amount
Computer 300000 300000 0 30.00% 0
Depreciation 50000 100000 50000 30.00% 15000
0 30.00% 0
Accounts Receivable 100000 100000 0 30.00% 0
Deferred Tax Liability 15000
Deferred tax journals
2