Accounting for company
income tax
Learning objectives
1. Describe how income tax is included in the financial statements
2. Explain the general principles of current and deferred tax set
out in AASB 112
3. Explain how taxable profit differs from accountin

Question 6.1
PART A
LLOYD LTD
Taxable income
`
Corporate tax rate
Current tax liability at 30 June 2017
Journal entry for current tax:
Income Tax Expense
Current Tax Liability
$340 000
30%
$102 000
Dr
Cr
Taxable temporary differences
Corporate tax rate
De

Question 19.3
Required
A. Prepare the consolidation worksheet entries on 1 January 2017, immediately after
combination.
B. Prepare the consolidation worksheet entries at 30 June 2017.
C. Prepare the consolidation worksheet entries at 1 January 2017 assumi

Question 21.2
A. Full Goodwill Method
At 1 July 2015:
Fair value of identifiable assets and
liabilities of Tortoise Ltd
(a) Consideration transferred
(b) NCI in Tortoise Ltd
Aggregate of (a) and (b)
Goodwill
Goodwill of Tortoise Ltd
Fair value of Tortoise

FACULTY OF BUSINESS AND ECONOMICS
DEPARTMENT OF ACCOUNTING AND CORPORATE
GOVERNANCE
ACCG871, 2016
Week 11 Self-Study Solutions
Indirect interest
2
23.1 Explain the circumstances that give rise to indirect ownership interests.
Who has indirect interests?
A

WMAT123
Week 2 Calculus lecture slides
Average rate of change
Consider a graph y = f (x) and points (a, f (a) and (b, f (b) on
the graph.
The slope of the green line represents the average rate of change
of y = f (x) between x = a and x = b.
1
Instantaneo

WMATH123 Semester 5 2016 (Daniel Lombardo)
Algebra Half
Introduction to WMATH123
Daniel Lombardo
[email protected]
Macquarie University International College
Semester 5 2016
WMATH123 Semester 5 2016 (Daniel Lombardo)
Algebra Half
Introduction to A

WMATH123 Semester 5 2016 (Daniel Lombardo)
Week 1 Calculus Half
Introduction to Calculus
Topic List
Interpreting Graphs
The concept of functions
The number line
The straight line
The x-y plane
The slope and intercept of a line
Points on the x-y plane
Draw

WMAT123
MATHEMATICS 123
WEEK 4 - ALGEBRA
Lecture Outline
Intervals
Inequalities
Absolute values
Inequalities
An inequality is an algebraic statement in which
there are two algebraic expressions separated by
one of the following: , <, , >.
Example:
2x

WMAT123
Week 2 Algebra lecture slides
Indices
Indices are useful shorthand for repeated multiplication.
Instead of writing
555555555555
for instance, it is simpler to just use index notation: 512
It follows that for a positive integer n, 5n simply mean

WMAT123
MATHEMATICS 123
WEEK 4 - CALCULUS
Lecture Outline
Calculus of Exponential Function
Calculus of Logarithmic Function
Indefinite Integration
Definite Integration
Review: Exponential Function
In this section we discuss a special exponential
func

Macquarie University International College
Student ID
Unit Name
42823307
Seating List
End of Term 5 2016
Duration
Date
Start time
Room
Seat Number
WACC106 - Accounting Info for Decision Making
2:10
2/09/2016
9:00 AM
E3A274
37
42947162
WECO111 - Microecono

Question 9.11
1 July 2016
Machine A
Machine B
Cash
Dr
Dr
Cr
100 000
60 000
Depreciation expense Machine A
Accumulated depreciation
(1/5 x $100 000)
Dr
Cr
20 000
Depreciation expense Machine B
Accumulated depreciation
(1/3 x $60 000)
Dr
Cr
20 000
Accumulat

Question 2.14
BIRCH LTD
2016
to Nov 24 Cash Trust
Dr
Application - Debentures
Cr
(Cash received on 5 300 $200
debentures payable $150 on application)
Nov 30
Nov 30
Nov 30
Dec 31
Dec 31
Nov 1
795 000
Application - Debentures
Debenture Holders
Debentures
(A

31/07/2016
LEARNING OBJECTIVES
Financing company operations
1.
Account for the issue of shares fully subscribed, and payable in full or by
instalments (p. 38)
2.
Account for under- and oversubscriptions of shares (p. 44)
3.
Account for the forfeiture and

Consolidation:
non-controlling interest
Learning objectives
1. Discuss the nature of the non-controlling interest (NCI)
(p. 1048)
2. Explain the effects of the NCI on the consolidation process
(p. 1051)
3. Explain how to calculate the NCI share of equity

Associates and joint
ventures
Learning objectives
1.
2.
3.
4.
5.
6.
7.
Explain the nature of associates and joint ventures (p. 1180)
Explain the rationale for the equity method and its application (p. 1183)
Explain the basic principles of the equity metho

Consolidation: Wholly
owned subsidiaries
Learning objectives
1.
2.
3.
4.
5.
6.
Discuss the nature of the group covered in this chapter, and the initial
adjustments required in the consolidation worksheet (p. 932)
Explain how a consolidation worksheet is u

Consolidation: intragroup
transactions
Learning objectives
1. Explain the need for making adjustments for intragroup transactions
(p. 992)
2. Prepare worksheet entries for intragroup transactions involving profits
and losses in beginning and ending invent

Business Combinations
Learning objectives
1. Discuss the nature of a business combination and its various forms (p. 568)
2. Explain the basic steps in the acquisition method of accounting for business
combinations (p. 570)
3. Account for a business combin

Property, Plant &
Equipment
Learning objectives
1. Discuss the nature of property, plant and equipment (p. 396)
2. Explain the recognition criteria for initial recognition of property, plant and
equipment (p. 398)
3. Describe how to measure property, plan

Impairment of assets
Learning objectives
1. Explain the purpose of the impairment test for assets (p. 634)
2. Assess when to undertake an impairment test (p. 635)
3. Explain how to undertake an impairment test for an individual
asset (p. 637)
4. Identify

Consolidation: controlled
entities
Learning objectives
1.
2.
3.
4.
5.
Explain the meaning of consolidated financial statements (p. 906)
Discuss the meaning and application of the criterion of control (p. 909)
Discuss which entities should prepare consolid

FACULTY OF BUSINESS AND ECONOMICS
DEPARTMENT OF ACCOUNTING AND CORPORATE
GOVERNANCE
ACCG871, 2016
Week 2 Self-Study Solutions
Overview of Regulation
2
1.1
Give some examples of the ways in which companies affect the
following groups, favourably or adverse

24.13 Financial statements translation at control date and one year later
(Classic)
(a) Translated balance sheet as at 1 July 20X3:
Classic Furniture plc
Balance sheet as at 1 July 20X3
Paid-up capital
Reserves
Other reserves
Retained profits
Owners equit

Question 13.3
Carrying amount of assets
Recoverable amount
Impairment loss
=
=
=
$1 780 000
$1 660 000
$120 000
Assuming the inventory is carried at the lower of cost and net realisable value, the allocation
of the impairment loss will not involve both ca