Corporate Accounting Q3b.

1. At 31 March 2021, the draft financial position of Essential Bhd showed the following balances:

	2021	2020
Assets
Plant & Machinery	1,400,000	1,400,000
Accumulated Depreciation	(380,000)	(280,000)
Interest receivable	180,000	140,000
Finished Goods	90,000	50,000
Trade Debtors	505,000	515,000
Provision for Doubtful Debts	(20,000)	(15,000)
Bank	300,000	120,000
Deferred tax assets	?????	30,000
Equity & Liabilities
Share Capital	800,000	800,000
Retained Profits	402,000	380000
Interest payable	38,000	20,000
Rent Income received in advance	95,000	40,000
Debentures	70,000	70,000
Annual Leave Payable	50,000	130,000
Trade Creditors	620,000	510,000
Deferred tax liabilities	??????	10,000

Additional information:

1. Interest is assessable for tax on receipt and deductible when paid.
2. Rental income relates to a contract where the annual rent is received in advance. Rent is assessable for tax when received.
3. Depreciation for tax purpose on 31 March 2021 is RM200,000. The accumulated depreciation for tax purposes on plant & machinery at 31 March 2021 is RM400,000
4. Annual leave payable at 31 March 2021 includes RM90,000 accrued for annual leave.
5. The company tax rate is 20%.

Required:

Prepare the deferred tax worksheet at 31 March 2021 to determine the deferred tax provision for the year. (20 marks)