Hello Sir, Can you help me to solve this Company Accounting assignment.

Please use the following template (add spaces as required) Year ended 30/6/17 Journal entries for GPFR Treatment for tax purposes Deferred tax workings Deferred tax journal entries Year ended 30/6/18 Journal entries for GPFR Treatment for tax purposes Deferred tax workings Deferred tax journal entries Company Accounting Assignment Background This assignment addresses the generic skills listed in the unit outline. These are, communication, research, analysis of information and teamwork. You are required to find the appropriate accounting rules in the Accounting Handbook, analyze them and apply them to the questions asked. You will also need to locate a specific rule relating to tax law (not accounting law). I suggest you work on the assignment together and thrash out the issues as a group. This should help develop your negotiation and listening skills. The research stage of this assignment may require considerable time and effort to find the appropriate rules. I strongly recommend groups do not break the assignment up into sub-parts and assign a part to each member. A group member who submits a low quality response to their question will drag down the marks of other group members. You have much more chance of finding the appropriate rule if you work on all questions together. An answer that fails to refer to the appropriate rule can earn zero marks, as you will have failed to provide suitable advice to your clients. I expect to be informed if a team member feels he or she is being let down by other team members not attending meetings or not contributing fairly. All team members must state whether all team members contributed fairly. This declaration will be placed at the beginning of the assignment. There is no specific word count. You need to prepare a number of journal entries and some other tasks. You will need to support your journal entries and other tasks with specific reference to the relevant rules. If you think something is ambiguous, state why and identify different treatments, then make a decision, and state why you selected that option. Your manager is a bad tempered ratbag who does not like reading lots of spam, so you need to ensure your justifications and comments are stated concisely. The facts This client's business is called Booksiswe Ltd. (The founder had a passion for books but no marketing skills at all!) In the financial year ended 30/6/17 the customer spent $200,000 to set up a website. The website allows potential customers to see the catalogue, prices and pictures of the covers of books the client has available for sale. However, the website is not sophisticated enough to allow customers to make purchases on line. Customers needed to go to the shop if they wished to buy a book. The client informs you that the $200,000 cost of creating the website can be broken down as follows. Seventy percent of the total costs were for external consultants. The consultants estimate they spent equal amounts of time and effort on all stages relating to the creation of the website (see guidelines on website development, below). The remaining 30% of the total costs were for internal labour costs. Sixty percent of these were incurred for the graphical design development, the remainder for the content development stage. The client also spent $10,000 on servers and other hardware for the website on 1/11/16. This will be depreciated over 3 years with a $1,000 residual value for company reporting purposes. The ATO allows this class of asset to be depreciated over 4 years for tax purposes. The ISP charges the client $200 per month in advance for hosting the site. This contract has a life of 4 years from 1/11/16 (which just happened to be 3 months before the site went live) until 30/10/20. If the client terminates the contract early, it must pay out its remaining liability to the ISP. At the start of July 2017, the client decided to upgrade the site so that it would allow customers to buy books online. The client also decided to completely update the graphics and the content of the site. In the financial year ended 30th June 2018 the company spent another $100,000 on the planning stage, and $150,000 on application and infrastructure development, making sure the front end and back end of the website operate properly. Eighty percent of the work relating to both of these stages of the upgrade was undertaken by external consultants. The remaining work was undertaken by the client's staff. The content development cost another $220,000. All of this expenditure related to payments for professional photographers to take images of the products, e.g. pictures of the front covers of the books. The graphical design development stage cost $75,000 in that financial year. The client tells you that it was not happy with the original graphical design, as it was not attractive and was not consistently applied through the site. This work was undertaken by an external consultant. Due to the expected increase in volumes of traffic and the larger size of the website, the client decided to change Internet service providers from 1/3/18. The new ISP will charge $450 per month from this date. In addition, this provider has agreed to let the client use a much better domain name for an ongoing fee of $120 per month, reduced to $100 per month, if the client paid 12 months in advance. The client took advantage of this discount and paid $1,200 on 1/3/18. The old ISP has indicated it will enforce the terms of the contract it has with the client. To protect its cash reserves, the client will continue to make the payments to the old ISP according to the contract, rather than pay it off in a lump sum. The client disposed of the original server on 30/5/18. This was replaced, on the same day, with a new one that cost $25,000. The company depreciates the new server over 5 years on a straight line basis, assuming a zero residual value. For tax purposes, this asset is depreciated over a 4 year period. The updated website became operational in early August 2018. Your colleague thought the following schedule for classifying the various stages of creating a website may be useful. a) Planning - includes undertaking feasibility studies, defining objectives and specifications, evaluating alternatives and selecting preferences; b) Application and Infrastructure Development - includes obtaining a domain name, purchasing and developing hardware and operating software, installing developed applications and stress testing; c) Graphical Design Development - includes designing the appearance of web pages; and d) Content Development - includes creating, purchasing, preparing and uploading information, either textual or graphical in nature, on the web site before the completion of the web site's development. This information may either be stored in separate databases that are integrated into (or accessed from) the web site or coded directly into the web pages. Your colleague, who was working on this client, told you she met the client's manager at a site visit, and he put pressure on her to make the profit figure look bigger. He wants to capitalize as much as he can of the expenditures described below. The client also wants to reduce the expenses by arguing that depreciation of assets should only commence from when they first come into production. At the same time, he wants to minimize the tax bill by maximizing deductions claimed by the firm. Finally, he stated that this firm uses pooling of expenditures whenever it can, for tax purposes. You nodded your head intelligently, as if you understood what she was saying. At the same time, you fought down the rising sense of panic, realizing you had some time to work out what she was talking about. Required At Happy Hour last Friday evening, your manager asked you to prepare journal entries based on the information above, in order to prepare the GPFR for the years ended 30/6/2017 and 30/6/2018. You will need to provide specific references to the accounting rules (rule number and paragraph number) to justify your position. Your manager is particularly interested in the end of year tax-effect entries and your workings. You can assume the tax rate is 30% in all relevant years. You politely asked the brute for guidance. He glared at you and mumbled something about using an accounting rule, but not an accounting standard. Because your client reports using Australian GAAP, you have to identify the relevant rules from the AASB website. Then he grumbled that the ATO uses peculiar language. When it talks about a revenue expense, it is basically saying that the item will qualify for a deduction in the current tax year. If the ATO refers to a capital expense (or capital), it means that the item may qualify for a deduction in the future. After his 5th drink he mumbled something about the 3rd tax ruling in 2016. He growled again, said the client is not a small business for tax purposes, tripped and fell through an open window. He is expected out of hospital in a few weeks