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QUESTION 2(35 Marks) The accounting profit before tax of Blue Ltd for the year ended 30 June 2014 was $24000 and included the income and
QUESTION 2(35 Marks) The accounting profit before tax of Blue Ltd for the year ended 30 June 2014 was $24000 and included the income and expense items shown below $5360 33000 Government grant (exempt from tax) Proceeds on sale of plant Carrying amount of plant sold 12100 200 24000 11900 15400 Entertainment expense Bad debts expense ant Deprcition expense-pl Insur ance expense Annual leave expense The draft statements of financial position as at 30 June 2014 and 2013 included the following Passets and liabilities 2014 $156 000 6800 3400 240 000 (134 400) 2013 $147 500 5200 5600 290 000 (130 400) 9990 9700 9504 Account receivable Allowance for doubtful debts Prepaid insurance Plant cumulated depreciation - plant Deferred tax asset Annual 1eave payvable Deferred tax liability 14100 QUESTION 2(35 Marks) The accounting profit before tax of Blue Ltd for the year ended 30 June 2014 was $24000 and included the income and expense items shown below $5360 33000 Government grant (exempt from tax) Proceeds on sale of plant Carrying amount of plant sold 12100 200 24000 11900 15400 Entertainment expense Bad debts expense ant Deprcition expense-pl Insur ance expense Annual leave expense The draft statements of financial position as at 30 June 2014 and 2013 included the following Passets and liabilities 2014 $156 000 6800 3400 240 000 (134 400) 2013 $147 500 5200 5600 290 000 (130 400) 9990 9700 9504 Account receivable Allowance for doubtful debts Prepaid insurance Plant cumulated depreciation - plant Deferred tax asset Annual 1eave payvable Deferred tax liability 14100
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