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Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position as at 30 June 2012 as follows:
Gustav Ltd
Statement of Comprehensive Income for the year ending 30 June 2012
$
Gross Profit
949 000
Less
Insurance Expense
26 000
Depreciation Expense - Plant
104 000
Long Service Leave Expense
Administration Expenses
Warranty Expense
39 000
Salaries Expense
260 000
Accounting Profit Before Tax
390 000
Additional Information
Required
(i) Calculate the taxable profit for the year ending 30 June 2012 showing all workings.
(ii) Prepare the accounting for tax journal entry for the year ending 30 June 2012 to account for current tax consequences for the year.
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