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As of 3 0 June 2 0 2 3 , Laragh Ltd ' s balance sheet disclosed the following details about its assets and liabilities:
As of June Laragh Ltds balance sheet disclosed the following details about its assets and liabilities:
Assets $:
Computers at cost:
Accumulated depreciation:
Accounts receivable:
Allowance for doubtful debts:
Liabilities $:
Provision for warranty costs:
Provision for employee benefits long service leave:
Laragh Ltd depreciates computers over five years in its accounting records, but for tax purposes, the depreciation period is three years. The straightline method is used for depreciation. No payments were made for long service leave or warranty claims during the year.
For the fiscal year ending June the following information is available:
Statement of Profit or Loss for the Year Ending June $:
Sales:
Cost of goods sold:
Depreciation expense:
Warranty expense:
Bad and doubtful debts expense:
Other expenses:
Profit before tax:
During the year, Laragh Ltd wrote off bad debts amounting to $ Warranty costs of $ were paid during the year. No amounts were paid for long service leave. The following information is extracted from the statement of financial position as of June :
Assets $:
Accounts receivable:
Allowance for doubtful debts:
Liabilities $:
Provision for warranty costs:
Provision for employee benefits long service leave:
No plant and equipment were acquired during the year. The tax rate for both June and June was percent.
Provide relevant general journal entries to record current tax and deferred tax for the year ending June
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