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Accounting Assessment Task

Question 1

Financial statement presentation, accounting for income tax, statement of cash flows.

Required:

i) Determine the balance of any current tax liability and deferred tax assets and deferred tax liabilities for Hardware Plus Ltd as at 30 June 2019, in accordance with AASB 112. Use appropriate worksheets and show all necessary workings. (Note: you may need to prepare a draft statement of profit or loss and other comprehensive income and statement of financial position from the trial balance to assist you with your income tax calculations).

ii) Prepare the journal entries to record the current tax liability and deferred tax assets and deferred tax liabilities.

iii) After accounting for income tax, prepare the statement of financial position and statement of profit or loss and other comprehensive income of Hardware Plus Ltd for the year ended 30 June 2019, using the line items and format that a listed company is likely to use.

iv) Prepare a statement of cash flows in accordance with AASB 107 for the year ended 30 June 2019, using the direct method. Show all relevant workings. Note disclosures and comparative figures are not required.

Question 2

Impairment of assets

This question continues on from question 1. The directors of Hardware Plus Ltd have heard about impairment testing but do not know anything about the accounting standard requirements. Assume that the business is considered to be a single cash-generating unit.

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  • Uploaded By : Keith
  • Posted on : December 02nd, 2018

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