AFF2491 Assignment Tasks (15 Marks)
Semester 1, 2013
Assignment -- AFF2491 Firm Reporting Term 1 2013 This assessment task was created to test a student's accomplishment of aims 1, 2, 3 and 4 (refer to AFF2491 Unit Guide). It is an individual assessment activity. This task must be passed in for successful completion of this kind of unit. It will eventually contribute 15% towards the final mark from this unit. The assignment consists of: Part W (7 Marks) Accounting for income tax Component C (8 Marks) Loan consolidation This task is due on Friday 10 May 2013 by your five: 00pm (Week 9). Students are required to send a hard backup in the assignment box located at Level 3, Building H, Caulfield Campus.
Electric lodgement can be NOT acceptable.
The job must be effectively typed and presented.
Applications for an extension of time allocated to an examination task should be made by completing the application form found at URL. http://www.buseco.monash.edu.au/student/exams/speccon.html. The form must be submitted for the Chief Evaluator for authorization.
A optimum penalty of 10% from the total mark allocated to this assignment will be deducted for each and every day the assignment is late. Operate submitted to get assessment Should be accompanied by a finished and agreed upon assignment coversheet, available at WEB LINK: http://www.buseco.monash.edu.au/student/forms/assessment-coversheet.doc. Designated assignments will be returned to students during tutorials in week doze.
Part A: Accounting for tax (7 marks) For record entries, liaison is Not necessary. Question (a) 3. five marks
The accounting revenue before tax of Content Star Ltd for the entire year ended thirty-one December 2012 amounted to $15, 1000 after including the following information. The economic year in the company was from you January 2012 to 31 December 2012. Plant: Opening balance based on accounting as at you January 2012 was hundred buck, 000. Closing balance while at thirty-one December 2012 was $22.99, 000. Goodwill: Opening stability based on accounting as by 1 January 2012 was $50, 1000. Recoverable volume of goodwill as by 1 January 2012 was $50, 1000. Value used as for 31 Dec 2012 was $45, 000. Fair worth less costs to sell as at 23 December 2012 was $40, 000. Deferred tax liability in relation to flower as at 1 January 2012 was $1, five-hundred. The total taxable non permanent difference regarding plant intended for the economical year finished 31 December 2012 was $10, 500. Depreciation charge of flower: Depreciation expenditure based on accounting for the financial 12 months ended thirty-one December 2012 was 20 dollars, 000. Accrued depreciation of plant: Starting balance depending on accounting because at 1 January 2012 was $20, 000. There is not any other big difference between accounting profit and taxable salary except over information. Additional tax data: income tax price was 31 per cent. Needed: (i) Finish the tax worksheet to determine the balances of deferred tax asset (DTA) or deferred tax legal responsibility (DTL) as at thirty-one December 2011. (ii) Determine taxable cash flow and current tax liability for the financial 12 months ended 31 December 2012. Prepare the journal entry to record the current taxes liability. (iii)Complete the duty worksheet to look for the balances of DTA or perhaps DTL since at 23 December 2012 and the alter (movement/adjustment) in DTA or DTL pertaining to the monetary year concluded 31 Dec 2012. (iv) Prepare the journal admittance to record the modify (the movement/adjustment) in DTA or DTL for the financial year ended 23 December 2012. (Note: Provide your answers for questions (i) and (iii) using " made easier tax worksheetвЂќ as provided on pages a few and some. Please demonstrate all your workings) (1. 00 + 1 . 00 & 0. seventy five + zero. 75 sama dengan 3. your five marks)
a couple of
Simplified Taxes Worksheet Remedy (i) Happy Star Limited Tax worksheet for the financial 12 months ended 23 December 2011 Particulars Carrying Amount (CA) 80, 000 50, 1000 Tax Foundation (TB) Taxable Temporary Differences (TTD) your five, 000 60, 000 55, 000 (50, 000) your five, 000 1, 500 Deductible Temporary Distinctions (DTD) 0 0 0 0 0 0
Flower Goodwill Excluding Goodwill Net temporary...