Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Kindly Rewrite the same answer in Ms word so that I can copy written answer in ms word Current Tax Worksheet for the year ended

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Kindly Rewrite the same answer in Ms word so that I can copy written answer in ms word

Current Tax Worksheet for the year ended 30 June 2017 The journal entry for current tax for the year to 30 June 2017 is as follows: Workings Additional deduction for development costs =25%$160000=$40000 Allowance for doubtiul debts \begin{tabular}{llr|llr} \hline & & $ & & & $ \\ 30,06/17 & Bad debts write off Ending balance & 15000 & 1/07/16 & Beginning balance & 10000 \\ & & 20000 & & Doubt debts expense & 25000 \\ \hline & 35000 & & 35000 \\ \hline \end{tabular} Provision for long service leave \begin{tabular}{llr|llr} \hline & & $ & & & \\ \hline \multirow{3}{*}{30/06/17} & LSL paid & 50000 & 1/07/16 & Beginning balance & 62000 \\ & Ending balance & 48000 & LSL expense & 36000 \\ \hline & & 98000 & & 98000 \\ \hline \end{tabular} Accumulated depreciation - for tax purposes Deferred tax worksheet as at 30 June 2017 Tax Bases Assets that generate future taxable economic benefits: [1] Tax Base = Future deductible amount Assets that do not generate future taxable economic benefits: [2] Tax Base = Carrying amount Liabilities except unearned revenue: [1] Tax Base = Carrying amount less Future deductible amount Liability of unearned revenue: [2] Tax Base = Carrying amount - Untaxed future revenue The journal entry for the deferred tax for the year to 30 June 2017 is as follows

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Companies Audit Investigations And Community Enterprise Act 2004 UK

Authors: The Law Library

1st Edition

1987582950, 978-1987582956

More Books

Students also viewed these Accounting questions

Question

Explain the importance of HIPAA.

Answered: 1 week ago

Question

2. What is the business value of security and control?

Answered: 1 week ago