| Income Statement of Simerx Ltd for the year ended 30th June 2018 | |||||||||
| Particulars | Amount $ | ||||||||
| Revenue | |||||||||
| Sales Revenue | 990000 | ||||||||
| Interest Revenue | 98500 | ||||||||
| Total Revenue | 1088500 | ||||||||
| Less- Cost of Goods Sold | 290000 | ||||||||
| Gross Profit/Loss | 798500 | ||||||||
| Expenses | |||||||||
| Distribution Expenses | 93000 | ||||||||
| Adminstration Expenses | 55000 | ||||||||
| Depreciation | 90000 | ||||||||
| Sales and Marketing Expenses | 95000 | ||||||||
| Total expenses | 333000 | ||||||||
| Operating Income | 465500 | ||||||||
| Less- Interest Expenses | 55000 | ||||||||
| less- operating expenses | 150000 | ||||||||
| Profit Before Tax | 260500 | ||||||||
| Less- Tax @ 30% | 78150 | ||||||||
| Profit After Tax | 182350 | ||||||||
| Other Comprehensive Income | 0 | ||||||||
| Net Comprehensive Income | 182350 | ||||||||
| Motor Vehicles | Provisions | Short term Borrowings | |||||||
| $ | $ | $ | |||||||
| Cost | 340000 | Doubtfull debts | 8000 | Secured mortgage | 240000 | ||||
| Depreciation | 54000 | warranty | 25000 | amount payable till 30.6.18 | 104348 | ||||
| value | 286000 | total | 33000 | ||||||
| Land | Builidings | ||||||||
| $ | |||||||||
| Cost | 85000 | Cost | 360000 | ||||||
| revaluation surplus | 35000 | depreciation | 36000 | ||||||
| total cost | 120000 | Value | 324000 | ||||||
| Trade Receivables | |||||||||
| Term Deposit | 337000 | $ | |||||||
| Deposit till 30.6.18 | 269600 | Trade Receivables | 192500 | ||||||
| less- pbdd | 8000 | ||||||||
| total | 184500 | ||||||||
| Statement of Financial Position of Simerx Ltd for the year ended 30 th June 2017 | Changes in Equity of Simerx.Ltd | ||||||||
| Particulars | $ | ||||||||
| Particular | Notes | Amount ($) | Share Capital | 5,60,000.00 | |||||
| ASSETS | Gain on revaluation | 50,000.00 | |||||||
| Current Assets | Retained Earnings | 51,000.00 | |||||||
| Cash and cash equivalents | 97,000.00 | Total | 6,61,000.00 | ||||||
| Trade and other Receiveables | 1 | 1,84,500.00 | Less- Divided paid | 32,000.00 | |||||
| Inventories | 1,23,000.00 | Net Equity | 6,29,000.00 | ||||||
| Total Current Assets | 4,04,500.00 | ||||||||
| Non current assets | |||||||||
| Land | 5 | 1,20,000.00 | |||||||
| Building | 3 | 3,24,000.00 | |||||||
| Motar Vehicles | 6 | 2,86,000.00 | |||||||
| Term Deposit | 7 | 2,69,600.00 | |||||||
| Goodwill | 50,000.00 | ||||||||
| Total Non Current Asset | 10,49,600.00 | ||||||||
| Total Assets | 14,54,100.00 | ||||||||
| LIABILITIES | |||||||||
| Current Liabilities | |||||||||
| Trade and other payables | 82,000.00 | ||||||||
| Short term borrowings | 2 | 1,04,347.83 | |||||||
| Provisions | 4 | 33,000.00 | |||||||
| Total Current Liabilities | 2,19,347.83 | ||||||||
| Non current liabilities | |||||||||
| Deferred liability | 10,000.00 | ||||||||
| Contigent Liabilities | 1,50,000.00 | ||||||||
| Total non current liabilities | 1,60,000.00 | ||||||||
| Total Liabilities | 3,79,347.83 | ||||||||
| Net Assets | 10,74,752.17 | ||||||||
| Calculation of Gain on Bargain Purchase at 1st July 2017 | Consolidated Statement of Denver Ltd group of companies at 1 July 2017. |
||||||||
| Particulars | Carrying value Amount$ | Fair value Amount $ | Difference Amount $ | Tax Rate | Taxable amount$ | Net Amount $ | Particulars | Amount $ | |
| 30% | ASSETS | ||||||||
| Patent | 60000 | 72000 | 12000 | 3600 | 8400 | Patents | 12000 | ||
| Plant | 40000 | 48000 | 8000 | 2400 | 5600 | Plant | 8000 | ||
| TOTAL ASSETS | 20000 | ||||||||
| Total Gain on bargain purchase | 14000 | LIABILITIES | |||||||
| Current Liabilities | 0 | ||||||||
| Changes in Equity | Non- Current Liabilities | 0 | |||||||
| Particular | Amount$ | TOTAl LIABILITIES | 0 | ||||||
| Gain On Bargain Purchase | 14000 | NET ASSETS | 20000 | ||||||
| Issued Share | 152800 | EQUITY | 468400 | ||||||
| Share Capital | 232800 | ||||||||
| Retained Earnings | 68800 | ||||||||
| Net Equity | 468400 | ||||||||
| Calculation of Taxable Income of Cradle Ltd | |||||||||
| Particulars | Amount $ | ||||||||
| Profit as per Accounts | 325000 | ||||||||
| Add: Long service leave Expenses | 40000 | ||||||||
| Warranty Expenses | 15000 | ||||||||
| Profit on revaluation | 40000 | ||||||||
| 420000 | |||||||||
| Less: Additional depreciation | 35000 | ||||||||
| Profit attribute to tax | 385000 | ||||||||
| Tax | 30% | ||||||||
| Tax Payable | 115500 | ||||||||
| Taxation Worksheet in accordance to AASB112 | |||||||||
| Items | Carrying Amount $ | TaxBase $ | Deductable Temporary Difference $ |
TaxableTemporary Difference $ | Income Tax Expense$ | Revaluation Surplus $ | Tax Payable $ | ||
| ASSETS | |||||||||
| Cash | 82000 | 82000 | |||||||
| Inventory | 158000 | 158000 | |||||||
| Receivables(net) | 585000 | 585000 | |||||||
| Plant-net | 315000 | 350000 | 35000 | 35000 | |||||
| Land | 1600000 | -40000 | |||||||
| Total Assets | 2740000 | 1175000 | |||||||
| LIABILITIES | |||||||||
| Payables | 265000 | 265000 | |||||||
| Provision for long service leave | 40000 | 40000 | -40000 | ||||||
| Provision for warranty | 15000 | 15000 | -15000 | ||||||
| Loan payable | 245000 | 245000 | |||||||
| Total Liabilities | 565000 | 510000 | |||||||
| Net Assets | 2175000 | 665000 | |||||||
| Temporary difference for year | 55000 | 35000 | -40000 | ||||||
| Loss carried forward | |||||||||
| Movement for the period | 55000 | 35000 | -20000 | -40000 | |||||
| Tax effected at 30% | 16500 | 10500 | -6000 | -12000 | |||||
| Taxable income | 115500 | 115500 | |||||||
| Income Tax Adjustments | 16500 | 10500 | 121500 | -12000 | 115500 |
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