A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019 Cash Sales Cost of Goods Sold Amount received in advance for services to be performed in August 2019 Rent expenses for year ended 30 June 2019 Rent Prepaid for two months to 31 August 2019 Doubtful debts expenses Amount provided in 2019 for employees' long-service leave entitlements Goodwill impairment expenses 950 000 35 000 9 500 9 000 1 200 1 200 5 000 7 000 Required: Calculate the taxable profit and accounting profit for the year ending 30 June 2019.

Cornerstones of Financial Accounting
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Chapter8: Current And Contingent Liabilities
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Subject: Advance finance accounting

Required:
a) From the table A Calculate the taxable profit and accounting profit for the year ending 30 June 2019

b)Provide the journal entries to adjust the carry-forward balances of the deferred tax asset and deferred tax liability.

A. You are provided with the following information form the accounts of BBS Ltd for the year
ending 30 June 2019
Cash Sales
Cost of Goods Sold
Amount received in advance for services to be performed in August 2019
Rent expenses for year ended 30 June 2019
Rent Prepaid for two months to 31 August 2019
Doubtful debts expenses
Amount provided in 2019 for employees' long-service leave entitlements
Goodwill impairment expenses
950 000
35 000
9 500
9 000
1 200
1 200
5 000
7 000
Required:
Calculate the taxable profit and accounting profit for the year ending 30 June 2019.
Transcribed Image Text:A. You are provided with the following information form the accounts of BBS Ltd for the year ending 30 June 2019 Cash Sales Cost of Goods Sold Amount received in advance for services to be performed in August 2019 Rent expenses for year ended 30 June 2019 Rent Prepaid for two months to 31 August 2019 Doubtful debts expenses Amount provided in 2019 for employees' long-service leave entitlements Goodwill impairment expenses 950 000 35 000 9 500 9 000 1 200 1 200 5 000 7 000 Required: Calculate the taxable profit and accounting profit for the year ending 30 June 2019.
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