Bondi Ltd's accounting profit before tax for the year ended 30 June 2024 was $150 000. At 30 June 2023 and 30 June 2024, the company's draft statements of financial position showed the following balances.

2023

2024

Assets

Cash

$ 40 000

$ 50 000

Inventories

150 000

160 000

Accounts receivable

300 000

420 000

Allowance for doubtful debts

(15 000)

(21 500)

Prepaid insurance

20 000

15 000

Equipment

200 000

260 000

Accumulated depreciation equipment

(100 000)

(146 000)

Buildings

400 000

400 000

Accumulated depreciation buildings

(140 000)

(160 000)

Goodwill

40 000

40 000

Deferred tax asset

45 000

?

Liabilities

Accounts payable

255 000

270 000

Accrued expenses

120 000

90 000

Mortgage loan

210 000

210 000

Warranty payable

70 000

50 000

Current tax liability

9 000

?

Deferred tax liability

12 000

?

Additional information

The company tax rate is assumed to be 30%.

During the year ended 30 June 2024, Bondi Ltd received a non-taxable royalty revenue of $20 000.

Amounts received from sales, including those on credit terms, are taxed at the time the sale is made. Bondi Ltd recognised $20 000 in bad debts expense during the year ended 30 June 2024.

Insurance expense incurred during the year ended 30 June 2024 was $20 000. The amounts paid in cash for insurance are allowed to be claimed as deductions for tax purposes.

The equipment is depreciated on a straight-line basis over 5 years for accounting purposes and over 4 years for taxation purposes. The equipment is not expected to have any residual value. The only movement in the equipment account during the year ended 30 June 2024 was a result of Bondi Ltd acquiring a new equipment on 1 January 2024.

The buildings are depreciated on a straight line basis over 20 years for accounting purposes and are not expected to have any residual value. Depreciation of buildings is not allowed to be claimed as a deduction for tax purposes. There is no movement in the buildings account during the year ended 30 June 2024.

During the year ended 30 June 2024, Bondi Ltd paid accrued expenses of $210 000 and recognised $45 000 in warranty expense. These expenses are not deductible for tax purposes until they are actually paid.

There are no other items that cause differences between accounting and taxable profit.

During the year ended 30 June 2024, Bondi Ltd paid the ATO the following instalments for income tax:

- 28 July 2023: $9000

- 28 October 2023: $7000

- 28 February 2024: $7500

- 28 April 2024: $8000.

Required

Prepare the current tax worksheet and the journal entry to recognise current tax at 30 June 2024.