How to Do Assignment
Date | Details | Debit | Credit | 30 June 2012 | Elimination of intragroup service fully paidService Revenue Service Expense | 60,000 | 60,000 | 30 June 2012 | Elimination of unrealised profit in opening inventoryRetained EarningsIncome tax expense Cost of Sales | 3,5001,500 | 5,000 | 30 June 2012 | Elimination of unrealised profit in closing inventorySales Revenue Cost of Sales InventoryDeferred Tax Asset Income Tax Expense | 108,0004,800 | 92,00016,0004,800 | 30 June 200930 June 2012 | Transfer of non-current asset at 30/06/2009Gain on sale EquipmentDeferred Tax Asset Income Tax ExpenseDepreciation of computer three years after transferRetained EarningsDeferred Tax Asset ComputerAccumulated Depreciation Depreciation Retained EarningsIncome Tax ExpenseRetained Earnings Deferred Tax Asset | 6,0001,8004,2001,8003,600360720 | 6,0001,8006,0001,2002,4001,080 | 30 June 2012 | Intragroup borrowingsLoan Payable Loan ReceivableInterest Revenue Interest ExpenseInterest Payable Interest Receivable | 1,850,00090,00040,000 | 1,850,00090,00040,000 | 30 June 2012 | Transfer of non-current assetGain on sale VehicleDeferred Tax Asset Income Tax ExpenseAccumulated Depreciation Depreciation Income Tax Expense Deferred Tax Asset | 5,000 1,5001,666.67500 | 5,0001,5001,666.67500 |
Question 2)
Robinhood Pty Ltd
Tax worksheet for the year ended 31 December 2010
Particulars | Carrying Amount(CA) | Tax Base(TB) | Taxable Temporary Differences (TTD) | Deductible Temporary Differences (DTD) | Assets | | | | | Plant | 100,000 | 105,000 | | 5,000* | Liabilities | | | | | | | | | | Total Temporary differences | | | 0 | 5,000 | Tax rate | | | 30% | 30% | DTA on 31 December 2010 | | | | 1,500 Dr | DTL on 31 December 2010 | | | 0 | |
*since DTA =1500, assuming tax rate = 30% so we have deductible temporary
Question 2)
Robinhood Pty Ltd
Tax worksheet for the year ended 31 December 2010
Particulars | Carrying Amount(CA) | Tax Base(TB) | Taxable Temporary Differences (TTD) | Deductible Temporary Differences (DTD) | Assets | | | | | Plant | 100,000 | 105,000 | | 5,000* | Liabilities | | | | | | | | | | Total Temporary differences | | | 0 | 5,000 | Tax rate | | | 30% | 30% | DTA on 31 December 2010 | | | | 1,500 Dr | DTL on 31 December 2010 | | | 0 | |
*since DTA =1500, assuming tax rate = 30% so we have deductible temporary