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  • ACW2491 - 2018 S1 - WK 2 Lecture Solution Template

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    This document contains examples and explanations of current tax issues and calculations. It discusses accounting profit, non-deductible expenses, deductible expenses, non-assessable income, taxable income, and current tax liability. It also provides examples of calculating current tax worksheets and journal entries for recognizing deferred tax assets and tax losses over multiple years.

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    ACW2491_2018 S1_Wk 2 Lecture Solution Template

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    This document contains examples and explanations of current tax issues and calculations. It discusses accounting profit, non-deductible expenses, deductible expenses, non-assessable income, taxable income, and current tax liability. It also provides examples of calculating current tax worksheets and journal entries for recognizing deferred tax assets and tax losses over multiple years.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    9 views3 pages

    ACW2491 - 2018 S1 - WK 2 Lecture Solution Template

    Uploaded by

    hi2joey
    This document contains examples and explanations of current tax issues and calculations. It discusses accounting profit, non-deductible expenses, deductible expenses, non-assessable income, taxable income, and current tax liability. It also provides examples of calculating current tax worksheets and journal entries for recognizing deferred tax assets and tax losses over multiple years.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    ACW2491 Financial Accounting, Semester 1, 2018

    Lecture Solution Week 2 – Current Tax Issues


    Example 1

    Current Tax Worksheet


    Accounting profit
    Add: Non-deductible expenses

    Less: Deductible expenses

    Less: Non-assessable income

    Taxable Income
    Current Tax Liability @ 30%

    Journal entry:

    1
    ACW2491 Financial Accounting, Semester 1, 2018
    Lecture Solution Week 2 – Current Tax Issues
    Example 2

    Workings:

    Allowance for doubtful debts

    Provision for Warranty

    Prepaid Rent

    Current Tax Worksheet for the year ended 30 June 2016


    Accounting profit before income tax
    Add: Non-deductible expenses

    Less: Deductible expenses

    Less: Non-assessable income

    Taxable profit (loss)


    Current tax liability @ 30%

    Journal Entry:
    Deferred Tax Asset
    Income Tax Expense
    (Recognition of deferred tax asset, assume recognition criteria met)

    2
    ACW2491 Financial Accounting, Semester 1, 2018
    Lecture Solution Week 2 – Current Tax Issues
    Current Tax Worksheet for the year ended 30 June 2017

    Journal Entry:

    (Recognition of deferred tax asset on tax loss incurred)

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