Pacific Chemicals commenced operations on 1 July 2009. For the year ended 30 June 2010, the company recorded a taxable income (before tax) of $286,000. On 30 June 2010, the accounting balance sheet disclosed the following: Carrying Amount $ Assets Plant & Equipment (at cost) 900,000 Accumulated depreciation - Plant & Equipment - 270,000 Office furniture (at cost) 180,000 Accumulated depreciation - Office Furniture - 13,500 Bank 115,600 Chemical stores 286,450 Accounts Rece
Pacific Chemicals commenced operations on 1 July 2009. For the year ended 30 June 2010, the company recorded a taxable income (before tax) of $286,000.
On 30 June 2010, the accounting
|
|
Carrying Amount |
|
|
$ |
|
Assets |
|
|
Plant & Equipment (at cost) |
900,000 |
|
|
- 270,000 |
|
Office furniture (at cost) |
180,000 |
|
Accumulated depreciation - Office Furniture |
- 13,500 |
|
Bank |
115,600 |
|
Chemical stores |
286,450 |
|
|
148,300 |
|
|
1,346,850 |
|
Liabilities |
|
|
Mortgage |
500,000 |
|
Accounts Payable |
108,400 |
|
Employee Provisions |
3,600 |
|
|
612,000 |
|
Net Assets |
734,850 |
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