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Financial Accounting Assignment - doc

   

Added on  2020-05-28

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Running head: FINANCIAL ACCOUNTINGFinancial AccountingName of the Student:Name of the university:Authors Note:
Financial Accounting Assignment - doc_1
FINANCIAL ACCOUNTING1Table of ContentsPart A.........................................................................................................................................2Answer to question i...................................................................................................................2Answer to question ii.................................................................................................................3Answer to question iii................................................................................................................4Answer to question iv.................................................................................................................4Answer to question v..................................................................................................................5Part B..........................................................................................................................................5Answer to Question 1.................................................................................................................5Answer to Question a.............................................................................................................5Answer to Question b.............................................................................................................6Answer to Question c.............................................................................................................7Answer to Question 2.................................................................................................................8Answer to question a..............................................................................................................8Answer to Question b...........................................................................................................11Reference..................................................................................................................................13
Financial Accounting Assignment - doc_2
FINANCIAL ACCOUNTING2Part AAnswer to question iCalculation showing Current Tax Worksheet and Current tax liability for the year30 June 2017Particulars Amount ($)Amount ($)Profit before tax 600,000.00Add: Expenses disallowed for tax purposes Depreciation on building 8,000.00 Depreciation on Plant50,000.00 Entertainment expenses18,000.00 Bad Debt expenses60,000.00 Long service leave expense45,000.00 Annual leave expenses30,000.00 Rent received35,000.00 Office supplies 15,000.00 261,000.00Less: 861,000.00Rent revenue30,000.00 Government grant 10,000.00 Tax depreciation75,000.00 Bad Debt written off45,000.00 Long service leave and annual service leave50,000.00 Office supplied paid for 18,000.00 228,000.00Taxable income 633,000.00
Financial Accounting Assignment - doc_3
FINANCIAL ACCOUNTING3Current tax liability Particulars Amount ($) Taxable income 633,000.00 Tax Rate30%Current tax liability @30% 189,900.00 Working calculations:Allowance for Doubtful debtParticularsAmountParticularsAmountAccount Receivable$45,000.00Opening balance$40,000.00Closing balance$55,000.00Expenses$60,000.00Total$100,000.00Total$100,000.00Rent Received in AdvanceParticularsAmountParticularsAmountRevenue$30,000.00Opening balance$20,000.00Closing balance$25,000.00Cash$35,000.00Total$55,000.00Total$55,000.00Provision for Employee benefitParticularsAmountParticularsAmountCash$50,000.00Opening balance$75,000.00LSL Expenses$45,000.00Closing balance$100,000.00A/L Expenses$30,000.00Total$150,000.00Total$150,000.00Answer to question iiJournal entry Particulars Debit ($)Credit ($)Income Tax expenses 189,900.00Current tax Liability 189,900.00 (Being the current tax liability recorded)
Financial Accounting Assignment - doc_4

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