New

Learn smart - Learn online. Upto 88% off on courses for a limited time. View Courses

Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
loader
Add File

Error goes here

Files Missing!

Please upload all relevant files for quick & complete assistance.

Guaranteed Higher Grade!

ACT503 Corporate Accounting

tag 0 Download 9 Pages / 2,023 Words tag 05-10-2021
  • Course Code: ACT503
  • University: Charles Darwin University
    icon

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: Australia

Questions: 

1. Aside from the above-mentioned Inventories, illustrate or describe other scenarios you can think of when would payments made to employees can be considered to be an Asset? Provide possible journal entries, if needed State whether the following assets may be revalued, support your answer with a brief explanation to your reason. Prepare journal entries for any revaluations permitted by accounting standards.  Assume that each item listed below represents a separate class of assets 
 
2. a) NT News OnTheGo Ltd has developed a masthead for its newspaper to the point where it is a very valuable asset. Although the masthead is not currently recognised, management believes it could be sold for at least $3 million. 
 
b)  John Wiley & Sons Australasia Ltd purchased a publishing title two years ago for $1.2 million when another publisher went into liquidation.  The book lhas been very successful and management believes that it could probably sell $1.5 million if ever they put it on the market. 
 
c)  Booze Your Juice Ltd acquired a franchise for an ice-cream stand at a beach at a cost of $100 000.  There is great demand for this type of franchise as evidenced by recent sales of equivalent franchises at other beaches.  The current market price of such a franchise is $200 000. 
 
DJB Ltd has deferred development costs of $520 000 and the estimated recoverable amount of development project is $860 000

3. You own a financial accounting services called MyNextProblem Consultancy Ltd.  You have been invited to lecture at Darwin Charles Uni and provide advice to students of the requirements of AASB 10 in respect of the control criterion. 
 
Required:  For each of the below independent situation, determine whether or not control exists and, if so, by which party.  Discuss the reasons for your answers.  Where possible, support your answer with excerpts from AASB 10.   
Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 9 pages

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). Corporate Accounting. Retrieved from https://myassignmenthelp.com/free-samples/act503-corporate-accounting/sole-proprietor.html.

My Assignment Help (2021) Corporate Accounting [Online]. Available from: https://myassignmenthelp.com/free-samples/act503-corporate-accounting/sole-proprietor.html
[Accessed 09 August 2022].

My Assignment Help. 'Corporate Accounting' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/act503-corporate-accounting/sole-proprietor.html> accessed 09 August 2022.

My Assignment Help. Corporate Accounting [Internet]. My Assignment Help. 2021 [cited 09 August 2022]. Available from: https://myassignmenthelp.com/free-samples/act503-corporate-accounting/sole-proprietor.html.


We Can Help!

Get top notch assistance from our best tutors !
Excel in your academics & career in one easy click!

icon

Other Samples

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

icon

5% Cashback

On APP - grab it while it lasts!

Download app now (or) Scan the QR code

*Offer eligible for first 3 orders ordered through app!

screener
ribbon
callback request mobile
Have any Query?