Prepare the relevant journal entry to account, Cost Accounting

The following information is provided to you concerning Lydia Ltd as at 30 June 2012.  Assume a company tax rate of 30%.

(i) The balance of rent received in advance in the balance sheet as at 30 June 2012 amounted to $3 500.

(ii) Non current assets in the balance sheet as at 30 June 2012 included machinery with an original cost of $37 500 and accumulated depreciation amounting $10 000.  For taxation purposes the asset has a net value (after accumulated tax depreciation) of $22 500.

Required

For each of the above:

(i)  Using the appropriate formula per AASB 112, calculate the relevant tax base.

(ii) Prepare the relevant journal entry to account for any future tax consequences assuming the carrying amount in the balance sheet is not the same as the tax base for the corresponding asset or liability

Posted Date: 3/30/2013 6:26:00 AM | Location : United States







Related Discussions:- Prepare the relevant journal entry to account, Assignment Help, Ask Question on Prepare the relevant journal entry to account, Get Answer, Expert's Help, Prepare the relevant journal entry to account Discussions

Write discussion on Prepare the relevant journal entry to account
Your posts are moderated
Related Questions
Prime Essentials Limited is a small private corporation. The owner plans to approach the bank for an additional loan or a line of credit to facilitate expansion. The company bookke

Find a journal article online about just-in-time inventory systems. In the subject line of your post, include the title of the article that you read. Post a link to that article wi

Using the  information provided prepare  the four financial  statements  for inclusion in Plantagenet Ltd's Annual Report dated at its balance date of 30th June 2011. The statement


On July 1, 2008, Falk Company signed a contract to lease space in a building for 15 years. The lease contract calls for annual (prepaid) rental payments of $100,000 on each July 1

Total Variable Overheads Variances  If Variable Overhead Expenditure Variance =  Shs.1, 330 Variable Overhead Efficiency Variance = Shs.320 Then total variable overheads


what are the examples of factory overhead

Sony manufactures battery for Iphone 6+. The average costs to manufacture batteries are $4 for 10,000 ad $2.67 for 30,000. Assuming the total cost function is linear, what will be

A local delivery company has purchased a delivery truck for $15,000.  The truck will be depreciated under MACRS as a five year property.  The trucks market value (salvage value)