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Question 3 Questions Q 3. The following information relating to North Point Ltd is available. a) North Point Ltd was incorporated on 1 June 2015 and five (5) subscribers undertook to purchase 10,000 $1 ordinary shares each in the company and paid for the shares on 1 June 2015. b) $2,500 was paid to the solicitors for the formation of the company on 2 June 2015. c) The directors resolved to issue 500,000 ordinary share payable 50% upon application. Applicants applied for 600,000 shares and 50% each share. The unsuccessful shareholders were refunded on 10 June 2015. d) The directors made a call of 50 cent for ordinary shares on 1 October 2015 and all call money was received except 10,000 shares. e) On 1 November 2015 the directors issued 1000 each of 10% Preference shares at $100 each. The applicants paid full amount for the shares and the shares were allotted on 10 November 2015. f) On 1 December 2015, the directors decided to raise $500,000 by issuing 5,000 each of 8% debentures maturing in 10 years. The debentures were fully subscribed and allotted by 10 December 2015. 8% debentures maturing in 10 years. The debentures were fully subscribed and allotted by 10 December 12. In this task you are required to: Record the above transactions in the appropriate journals. (Posting to the ledger is not required.) Performance Criteria 1.1, 1.2, 1.3, 1.4, 2.1, 2.2 2.3, Question 4 Q 4. Skylar Ltd commenced operations on 1 July 2016. It disclosed a net profit before tax of $90,000 for the year ended 30 June 2017. This profit was determined after charging the following items: Impairment loss- goodwill Depreciation of Plant & Equipment Depreciation of motor vehicles Doubtful Debts Increase in Provision for Employee Entitlements $4,000 $15,000 $5,000 $5,000 $12,000 On 30 June 2017, the accounting and taxation records disclosed the following: Carrying Amount Tax Base ASSETS Plant & Equipment Accumulated Dep'n: 60,000 60,000 -15,000 -20,000 45,000 40,000 Motor Vehicles 30,000 30,000 Accumulated Dep'n: -5,000 -7,500 25,000 22,500 Cash 20,000 20,000 Accounts-Receivable (Net) 85,000 90,000 175,000 172,500 Accounts-Payable 50,000 50,000 Prov'n for Employee Entitlements 42,000 30,000 92,000 80,000 83,000 92,500 LIABILITIES NET ASSETS Additional information: The plant and equipment, which cost 60,000 was purchased on 1 July 2016 and is being depreciated at 25% for accounting purposes and at 33-1/3% for tax purpose. The doubtful debts are not allowed for tax purposes. There were no employee entitlements taken during the 2017 financial year. The motor vehicle, which was purchased on 1 July 2017 and cost $30,000 is depreciated over 6 years for accounting purposes and over 4 years for tax purposes. Assume straight line depreciation with NIL salvage value. Impairment loss for goodwill is not allowable as a tax deduction. Required tasks (Use Excel spreadsheet to display your answer): (a) Prepare a statement of taxable income for the year ended 30 June 2017. (b) Calculate Deductible temporary differences (c) Calculate Taxable temporary differences (d) Prepare journal entries for income tax expense in accordance with AASB112. (The rate of company tax is 30%)