Corporate Accounting Project Assignment

Added on - 21 Jul 2020

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Department of AccountingMAA363 CORPORATE ACCOUNTINGPROJECTQuestion THREE ProformaSPECIAL INSTRUCTIONS:Question 3 must be completed and submitted on this proforma.Please ensure that you understand the University rules on plagiarism – it must beyour own work.Include your answer in sections provided but includeWORKINGSon theLASTPAGEof the answers toeach question.You can create more lines on the journal entry tables etc. by placing the cursor at theend of a row and pressing return.
QUESTION 3 (PART A)1.Calculate the taxable profit and the current tax liability for financial year ended 30June 2017.ParticularsDebitCreditDR Income tax Expenses10171001017100CR Current liabilitiesDR Cash account122000CR rent recieved122000DR Sales account390000CR Machinery account390000Journal entries to recognise current tax liability/ tax loss.DateParticularsDrCr30/06/16To balance b/d liabilities13800To balance b/d assets266400Income tax expenses10171002.Calculate deferred tax asset and deferred tax liability balances as at 30June 2017.AccountsCarryingTax BaseTaxableDeductible
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