QUESTION 1- (10 MARKS)
Emmi studies accounting at Holmes Institute and works part-time in Crown Melbourne restaurant. During the
year Emmi has receipts as follows:
(a) Tips from customers of $335 cash; (1.5 marks)
(b) The income of $25,000 from working in the Crown Melbourne restaurants; (1.5 marks)
(c) An expensive perfume worth $250, from a regular customer gifted to Emmi at Christmas time. Emmi does
not use the perfume and gave the perfume to her mother; (1.5 marks)
(d) A monthly entertainment event paid by the restaurant owner. The owner spends around $380 on the meals
that Emmi consumed. Emmi enjoys these events and sees them as a reward for her hard work; (1.5 marks)
(e) Emmi received $15,000 as a Christmas gift from her father. (1.5 marks)
With reference to relevant legislation and case law discuss Emmi’s assessable income for the year. Get Accounting Homework Help Today.
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