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Assignment Task
    


Question 1
XYYZ Pty Ltd is an Australian Retail Company which operates a florist shop in Sydney. It is an
Australian Resident Private Company for Tax Purposes. It is also a Small Business Entity for
tax purposes. The Accounting Profit and Loss Statement for the year ended 30 June 2020 is
as follows:
$
Sales 500,000
Exempt income 20,000
Less: COGS
Opening stock 30,000
Purchases 40,000
Closing stock 10,000
COGS 60,000
Gross Profit 460,000
Operating expenses
Bank Charges/Fees 1,000
Accounting Depreciation 12,000
Gifts 20,000
Provision for Long Service Leave 20,000
Provision for Doubtful Debts 30,000
Borrowing Expenses 3,000
Repairs 15,000
Wages to employees 200,000
Director’s salary 50,000
Fines for misleading advertising 5,000

Additional Information
(1) The actual long service leave paid in cash during the year was $15,000.
(2) The bad debts written off during the year were $25,000.
(3) The repairs of $15,000 consisted of painting the company premises for $5,000 and
replacing the rotting wooden office windows with new steel windows for $10,000.
(4) The Gifts were as follows: $
• Royal Sydney Hospital 10,000
• Paramatta Eels League Club $10,000
(5) For accounting purposes the company values its closing stock using the LIFO Method.
The Opening stock value for tax purposes was $50,000.
The FIFO Method however produces the following results for stock value at the end of
 


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