Financial Accounting Assignment - AASB, Journal Entries and Tax

This financial accounting assignment solution analyzes various accounting concepts and scenarios. Part 1 examines events after the reporting period for Grace Ltd, differentiating between adjusting and non-adjusting events based on AASB standards, and provides corresponding journal entries. Part 2 focuses on journal entries related to share capital transactions, including application, allotment, and share forfeiture. Part 3 calculates taxable income and deferred taxes, detailing adjustments for various temporary and permanent differences, and journal entries for deferred tax assets. Question 4 presents journal entries for property revaluation, including depreciation calculations and loss recognition. Finally, Part 5 defines impairment loss and its calculation in the context of asset valuation. The assignment covers a wide range of financial accounting topics, providing a comprehensive overview of accounting principles and practices.