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Expenses paid from petty cash are not recorded in the accounting records until the fun
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更多“Expenses paid from petty cash …”相关的问题
A.When the petty cash fund is initially establishe
B.On the date the petty cash funds are disburse
C.When the petty cash fund is replenishe
D.Only at the end of the accounting periods.
4 Assume today’s date is 5 February 2006.
Joanne is 37, she was born and until 2005 had lived all her life in Germany. She recently married Fraser, aged 38,
who is a UK resident, but who worked briefly in Germany. They have no children.
The couple moved to the UK to live permanently on 9 October 2005. Joanne was employed by an American company
in Germany, and she continued to work for them in the UK until the end of November 2005. Her earnings from the
American company were ￡5,000 per month. Joanne has not remitted any of the income she earned in Germany prior
to her arrival in the UK.
Joanne resigned from her job at the end of November 2005. The company did not hold her to the three months notice
stipulated in her contract, but still paid her for that period. In total, Joanne paid ￡4,200 in UK income tax under PAYE
for the tax tear 2005/06.
Joanne also wishes to sell the shares she holds in a German listed company. The shareholding cost the equivalent of
￡3,500 in September 1986, and its current value is ￡21,500. She intends to sell the shares in March 2006 and to
invest the proceeds from the sale in the UK. Joanne has made no other capital disposals in the year.
Prior to her leaving employment, Joanne investigated the possibility of starting her own business providing a German
translation service for UK companies, and took some advice on the matter. She paid consultancy fees of ￡5,000
(excluding value added tax (VAT)) and bought a computer for ￡2,000 (excluding VAT), both on 23 October 2005.
Joanne started trading on 1 December 2005. She made sales of ￡2,000 in December, and estimates that her sales
will rise by ￡1,000 every month to a maximum of ￡7,000 per month. Joanne believes that her monthly expenses of
￡400 (excluding VAT) will remain constant. Her year end will be 31 March, and the first accounts will be drawn up
to 31 March 2006.
Although Joanne has registered her business for tax purposes with the Revenue, she has not registered for VAT and
is unsure what is required of her in this respect.
Required:
(a) State, giving reasons, whether Joanne will be treated as resident or non-resident in the UK for the year of
assessment 2005/06, together with the basis on which her income and gains of that year will be subject to
UK taxation. (3 marks)
found that $18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the
company’s policy to depreciate motor vans at 25 per cent per year, with a full year’s charge in the year of acquisition.
What would the net profit be after adjusting for this error？
A $106,100
B $70,100
C $97,100
D $101,600
(a) Phi Ltd is a company set up in Guangzhou. In 2014 Phi Ltd incurred the following expenses:
(1) A consultancy fee of RMB3,500 for services provided in China paid to Mr Xie, who is a China tax resident.
(2) A consultancy fee of RMB70,000 for services provided in China paid to Ms Ma, who is not a China tax resident.
(3) A royalty of RMB80,000 paid to Deji Ltd, which is a China tax resident enterprise.
(4) A royalty of RMB90,000 paid to Backa Ltd, which is not a China tax resident enterprise.
Required:
For each of the four payments, state whether Phi Ltd will be a withholding agent for income tax, and where Phi Ltd is the withholding agent, calculate the amount of income tax to be withheld.
Note: Ignore value added tax and business tax, and any tax incentives available under tax treaties. (7 marks)
(b) Jack has set up an e-shop selling goods via an internet platform. His total sales in 2014 were RMB400,000. He did not register with the tax authorities or pay any taxes in 2014. This was discovered by the tax bureaus in 2015.
Required:
State the possible consequences Jack may be exposed to under the Tax Collection and Administrative Law, as a result of his failure to comply with the tax registration and tax payment requirements. (3 marks)
Scramble, a public limited company, is a developer of online computer games.
(a) At 30 November 2011, 65% of Scramble’s total assets were mainly represented by internally developed intangible assets comprising the capitalised costs of the development and production of online computer games. These games generate all of Scramble’s revenue. The costs incurred in relation to maintaining the games at the same standard of performance are expensed to the statement of comprehensive income. The accounting policy note states that intangible assets are valued at historical cost. Scramble considers the games to have an indefinite useful life, which is reconsidered annually when the intangible assets are tested for impairment. Scramble determines value in use using the estimated future cash flows which include maintenance expenses, capital expenses incurred in developing different versions of the games and the expected increase in turnover resulting from the above mentioned cash outflows. Scramble does not conduct an analysis or investigation of differences between expected and actual cash flows. Tax effects were also taken into account. (7 marks)
(b) Scramble has two cash generating units (CGU) which hold 90% of the internally developed intangible assets. Scramble reported a consolidated net loss for the period and an impairment charge in respect of the two CGUs representing 63% of the consolidated profit before tax and 29% of the total costs in the period. The recoverable amount of the CGUs is defined, in this case, as value in use. Specific discount rates are not directly available from the market, and Scramble estimates the discount rates, using its weighted average cost of capital. In calculating the cost of debt as an input to the determination of the discount rate, Scramble used the risk-free rate adjusted by the company specific average credit spread of its outstanding debt, which had been raised two years previously. As Scramble did not have any need for additional financing and did not need to repay any of the existing loans before 2014, Scramble did not see any reason for using a different discount rate. Scramble did not disclose either the events and circumstances that led to the recognition of the impairment loss or the amount of the loss recognised in respect of each cash-generating unit. Scramble felt that the events and circumstances that led to the recognition of a loss in respect of the first CGU were common knowledge in the market and the events and the circumstances that led to the recognition loss of the second CGU were not needed to be disclosed. (7 marks)
(c) Scramble wished to diversify its operations and purchased a professional football club, Rashing. In Rashing’s financial statements for the year ended 30 November 2011, it was proposed to include significant intangible assets which related to acquired players’ registration rights comprising registration and agents’ fees. The agents’ fees were paid by the club to players’ agents either when a player is transferred to the club or when the contract of a player is extended. Scramble believes that the registration rights of the players are intangible assets but that the agents fees do not meet the criteria to be recognised as intangible assets as they are not directly attributable to the costs of players’ contracts. Additionally, Rashing has purchased the rights to 25% of the revenue from ticket sales generated by another football club, Santash, in a different league. Rashing does not sell these tickets nor has any discretion over the pricing of the tickets. Rashing wishes to show these rights as intangible assets in its financial statements. (9 marks)
Required:
Discuss the validity of the accounting treatments proposed by Scramble in its financial statements for the year ended 30 November 2011.
The mark allocation is shown against each of the three accounting treaments above. Professional marks will be awarded for clarity and expression of your discussion. (2 marks)
A.Costs for litigations on bankruptcy cases
B.Expenses for the administration of the debtor’s assets
C.Liabilities generated from any damage caused by the debtor’s assets
A．A safe and convenient way of handling money.
B．People are paid in cash.
C．Your salary goes straight into your account.
D．Your money is paid straight into your account from other's
A.As a deduction from retained earnings in the statement of changes in equity
B.As a liability in the statement of financial position
C.As an expense in profit or loss
D.As a loss in 'other comprehensive income
A profit and loss statement indicates the company's ______.
A．assets and liabilities at a particular point in time
B．revenues and expenses for a specific period of time
C．financial resources at a particular point in time
D．performance at a particular point in time
