Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

* 12.5 Calculation of deferred tax LO5 The following information was extracted from the records of Sol Ltd for the year ended 30 June 2024.

image text in transcribed

* 12.5 Calculation of deferred tax LO5 The following information was extracted from the records of Sol Ltd for the year ended 30 June 2024. SOL LTD Statement of financial position (extract) as at 30 June 2024 $ 46 000 Assets Accounts receivable Allowance for doubtful debts Motor vehicles Accumulated depreciation - motor vehicles Liabilities Interest payable $ 50 000 (4000) 200 000 (50 000) 150 000 2 000 Additional information The accumulated tax depreciation for motor vehicles at 30 June 2024 was $100 000. The tax rate is 30%. Required Prepare a deferred tax worksheet to identify the temporary differences arising in respect of the assets and liabilities in the statement of financial position, and to calculate the balance of the deferred tax liability and deferred tax asset accounts at 30 June 2024. Assume the opening balances of the deferred tax accounts were $0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Trade Based Money Laundering

Authors: John A. Cassara

1st Edition

1119078954, 9781119078951

More Books

Students also viewed these Accounting questions