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Corporate Accounting Project Assignment

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Added on  2020-07-22

Corporate Accounting Project Assignment

   Added on 2020-07-22

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Department of AccountingMAA363 CORPORATE ACCOUNTINGPROJECT Question 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 be your own work. Include your answer in sections provided but include WORKINGS on the LAST PAGE of the answers to each question.You can create more lines on the journal entry tables etc. by placing the cursor at the end of a row and pressing return.
Corporate Accounting Project Assignment_1
QUESTION 3 (PART A)1.Calculate the taxable profit and the current tax liability for financial year ended 30 June 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
Corporate Accounting Project Assignment_2

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