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ACT503 Corporate Accounting

tag 0 Download9 Pages / 2,023 Words
  • Course Code: ACT503
  • University: Charles Darwin University

    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.   
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