Financial Accounting Assignment: Journal Entries, Tax, Impairment

This financial accounting assignment solution addresses several key areas of financial reporting. It begins by analyzing events occurring after the reporting period, differentiating between adjusting and non-adjusting events, and providing journal entries to reflect these events. The assignment then delves into share capital transactions, including journal entries for share applications, allotments, underwriting commissions, share issues, share forfeitures, and reissues. Next, it focuses on calculating taxable income, incorporating adjustments for various temporary and permanent differences, and determining current and deferred tax liabilities, including the creation of a deferred tax asset. The assignment further explores the revaluation of assets, providing journal entries for upward and downward revaluations of trucks, including depreciation calculations. Finally, it examines impairment losses, calculating impairment for cash-generating units, allocating impairment losses to goodwill and other assets, and providing related journal entries. The assignment is comprehensive and provides detailed workings and explanations for each question, demonstrating a strong understanding of accounting principles and standards, particularly those related to AASB.