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PLEASE ANSWER IN THIS FORMAT Answer to Qu 5.35 (Comprehensive, livestock trading account) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Number Value $ QUESTION 5.35 (Comprehensive, livestock trading account) Larry Backwater, a resident primary producer, had the following receipts and payments during the 2019/20 year: RECEIPTS Sale of Sheep (13,400 head) - note 2 $ 326,000 woord Wool Sales - note 3 104,000 capital Capital 50,000 Insurance Recovery - note 4 mular 19,000 PAYMENTS Purchase of Sheep (3,200 head) Connection of telephone lines 43,000 ch 15,000 Shearing Expenses - note 3 21,000 General Plant (1/10/19) effective life 10 years 25,000 Water Pump (31/12/19) effective life 8 years 12,000 Drawings 30,000 Other expenses - all deductible 92,000 Average Cost Method: Description Opening Stock Purchases Natural Increase 50 Average Cost Per Head is Closing stock Value is: Rations: Rations: Gross Proft from Sheep trading is: Number LIVESTOCK TRADING ACCOUNT Value $ Description Sales Number it Value $ Description Opening Stock Purchases Natural increase GROSS PROFIT Rations Deaths Closing Stock Taxable income is: Note 1 - Past elections During the 2017/18 year, Larry elected to defer tax profit of $80,000 from the forced disposal of sheep. He will apply this year's natural increase as part of the restocking process. Note 2-Sheep trading . During the year, there were also: Natural Increase (11,500 head) Deaths (1,200 head) Rations (100 head, 40 of which were taken by Larry) Opening Stock was 4,200 head valued at $49,600. Larry chooses to use the prescribed rate for natural increase and average cost for valuing stock and rations. Write your Receipt Items Enter receipt amount here Assessable Income $ Reasons or Workings (if applicable) Gross Profit - Sheep Trading Election to Defer 16/17 (Notel) Wools Sales (Note 3) Less: Tax Profit-2nd clip Insurance Recovery (Note 4) Assessable Income Note 3 - Wool trading Transactions relating to wool sales were as follows: August clip Gross sales $ 74,000 Less: Commissions and selling costs 5,000 NET RECEIPTS 69,000 Shearing Expenses 13,000 Deduction Items May clip (due to flooding) $ 38,000 3,000 35,000 8,000 Write your Reasons or Workings (if applicable) ) H Enter receipt amount here Assewable Expense $ Note 4 - Insurance recovery - The insurance recovery relates to 700 sheep that were lost in floods. Note 5 - Decline in Value The decline in value deduction on assets held as at 30 June 2020 was $23,000. Based on the information provided calculate Larry's taxable income for the 2019/20 tax year. Use any available elections to minimise his taxable income. Rations-employees Wool Selling Expenses Shearing Expenses Connection Telephone lines Water Pump Decline in Value - Plant Decline in Value - O/Balances - Other Deductions Assessable Deductions TAXABLE INCOME PLEASE ANSWER IN THIS FORMAT Answer to Qu 5.35 (Comprehensive, livestock trading account) Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells Number Value $ QUESTION 5.35 (Comprehensive, livestock trading account) Larry Backwater, a resident primary producer, had the following receipts and payments during the 2019/20 year: RECEIPTS Sale of Sheep (13,400 head) - note 2 $ 326,000 woord Wool Sales - note 3 104,000 capital Capital 50,000 Insurance Recovery - note 4 mular 19,000 PAYMENTS Purchase of Sheep (3,200 head) Connection of telephone lines 43,000 ch 15,000 Shearing Expenses - note 3 21,000 General Plant (1/10/19) effective life 10 years 25,000 Water Pump (31/12/19) effective life 8 years 12,000 Drawings 30,000 Other expenses - all deductible 92,000 Average Cost Method: Description Opening Stock Purchases Natural Increase 50 Average Cost Per Head is Closing stock Value is: Rations: Rations: Gross Proft from Sheep trading is: Number LIVESTOCK TRADING ACCOUNT Value $ Description Sales Number it Value $ Description Opening Stock Purchases Natural increase GROSS PROFIT Rations Deaths Closing Stock Taxable income is: Note 1 - Past elections During the 2017/18 year, Larry elected to defer tax profit of $80,000 from the forced disposal of sheep. He will apply this year's natural increase as part of the restocking process. Note 2-Sheep trading . During the year, there were also: Natural Increase (11,500 head) Deaths (1,200 head) Rations (100 head, 40 of which were taken by Larry) Opening Stock was 4,200 head valued at $49,600. Larry chooses to use the prescribed rate for natural increase and average cost for valuing stock and rations. Write your Receipt Items Enter receipt amount here Assessable Income $ Reasons or Workings (if applicable) Gross Profit - Sheep Trading Election to Defer 16/17 (Notel) Wools Sales (Note 3) Less: Tax Profit-2nd clip Insurance Recovery (Note 4) Assessable Income Note 3 - Wool trading Transactions relating to wool sales were as follows: August clip Gross sales $ 74,000 Less: Commissions and selling costs 5,000 NET RECEIPTS 69,000 Shearing Expenses 13,000 Deduction Items May clip (due to flooding) $ 38,000 3,000 35,000 8,000 Write your Reasons or Workings (if applicable) ) H Enter receipt amount here Assewable Expense $ Note 4 - Insurance recovery - The insurance recovery relates to 700 sheep that were lost in floods. Note 5 - Decline in Value The decline in value deduction on assets held as at 30 June 2020 was $23,000. Based on the information provided calculate Larry's taxable income for the 2019/20 tax year. Use any available elections to minimise his taxable income. Rations-employees Wool Selling Expenses Shearing Expenses Connection Telephone lines Water Pump Decline in Value - Plant Decline in Value - O/Balances - Other Deductions Assessable Deductions TAXABLE INCOME