Financial Accounting Assignment - doc
Added on 2020-05-28
16 Pages3325 Words87 Views
Running head: FINANCIAL ACCOUNTINGFinancial AccountingName of the Student:Name of the university:Authors Note:
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 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 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)
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