ACC106 ATMC Task 2 Assignment Business Scenario and Instructions

ACC106 ATMC Task 2 Assignment Business Scenario and Instructions   1         Magic Mufflers  – Business Background   Introduction Magic Mufflers is a proprietorship of Mr Innis Hornet who established this new business on 1st June 2017. Magic Mufflers is a GST-registered muffler and exhaust business that specialises in a small range of high-performance mufflers and…

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Taxes and Consolidation

Question 1 (30 Marks)   The accounting profit before tax of Jameson Ltd for the year ended 30 June 2018 was $320,000. It included the following revenue and expense items:   Amortisation of development costs $30,000 Employee benefits expense 54,000 Carrying amount of plant sold 36,667 Depreciation expense – plant (15%) 40,000 Doubtful debts expense…

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Department Variance Analysis

Task 3: Department Variance Analysis                                                                                                   15 marks This task requires you to identify potential causes for variances in the operational profitability of the hotel’s banquets department. You are given an extract of the department’s financial performance report and also budget information (see blow). The report focuses on the aspects of performance that…

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Hahndorf Ltd acquired 100% of the shares of Sarina Ltd

Hahndorf Ltd acquired 100% of the shares of Sarina Ltd on 1 July 2015 for $700,000, when the equity of Sarina Ltd consisted of: Share Capital                                  $500,000 General Reserve                                 80,000 Retained Earnings                             30,000 All identifiable assets and liabilities of Sarina Ltd were fairly valued at acquisition except the machinery, which had a fair value of…

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