HI5020 - Corporate Accounting- Jaguar Ltd - Accounting and Finance Assignment Help

Assignment Task

Description: Each week students were provided with three tutorial questions of varying degrees of difficulty. The  tutorial questions are available in the Tutorial Folder, for each week, on Blackboard. The Interactive Tutorials are designed to assist students with the process, skills and knowledge to answer the provided tutorial questions. Your task  is to answer a selection of tutorial questions and submit these answers in a single document. 
The questions to be answered are; 
Question 1 
Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to have a useful  life of 5 years (straight-line basis) and no residual value. For taxation purposes, the ATO allows the company to  depreciate the asset over 4 years.  
The profit before tax for the company for the year ending 30 June 2017 is $600,000. To calculate this profit the  company has deducted $60,000 entertainment expense, and $80,000 salary expense that has not yet been paid.  Also the company has included $70,000 interest as income that the company has not yet received. The tax rate  is 30%. 
Required: 
(a) Calculate the company’s taxable profit and hence its tax payable for 2017. (2 marks) 
(b) Determine the deferred tax liability and/or deferred tax asset that will result. (2 marks) 
(c) Prepare the necessary journal entries on 30 June 2017. (3 marks)
 Question 2
The P Ltd acquires all issued capital of the S Ltd for a consideration of $1,000,000 cash and 800,000 shares each  valued at $1.50. The summary statement of the financial position of the subsidiary company immediately  following the acquisition is: 
Fair value of assets acquired $2,640,000 
Fair value of liabilities acquired $720,000 
Total shareholders’ equity of the subsidiary company $800,000 
Retained earnings of the subsidiary company $1,120,000 
Required:  
(a) Pass the necessary journal entry to record the acquisition (2 marks) 
(b) Determine the amount of goodwill (or bargain purchase) arising out of the acquisition (2 marks) (c) Pass the necessary consolidation entry to eliminate the subsidiary by the parent company (2 marks) (d) Determine the amount of goodwill (or bargain purchase) arising out of the acquisition if the purchase  consideration paid was $1,000,000 cash and 400,000 shares each valued at $1.50 (1 marks)
Question 3 
Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.00 each. The  terms of the issue are that $1.00 is to be paid on application and the remaining $1.00 within one month of  allotment. 
Applications are received for 36 million shares during July 2019. The directors allot 30 million shares on 15  August 2019. The shares were allotted on a first-come, first-serve basis. The directors refunded the application  money for 6 million shares on 15 August 2019. The amounts payable on the allotment are due by 20 September  2019. 
By 20 September 2019, the holders of 5 million shares have failed to pay the amounts due on allotment. The  directors forfeit the shares on 30 September 2019. The shares are resold on 15 October 2019 as fully paid. An  amount of $1.90 per share is received. The remaining balance of forfeited shares were refunded on 20 October  2019. 
Submission Directions:  
The assignment will be submitted via Blackboard. Each student will be permitted only ONE submission to  Blackboard. You need to ensure that the document submitted is the correct one.
Academic Integrity 
Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral  to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks  need to comply with academic integrity guidelines. Table 1 identifies the six categories of Academic Integrity  breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please  consult your lecturer or tutor for relevant referencing guidelines and support resources. Many of these  resources can also be found through the Study Skills link on Blackboard.  
Academic Integrity breaches are a serious offence punishable by penalties that may range from deduction of  marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of  course enrolment. 

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