QUESTION 1 (18 marks)

The statement of financial position of Sallyi Ltd at 30 June 2020 showed the following assets and liabilities.

Assets	2020 ($)	2019($)
Cash	80 000	85 000
Inventories	170 000	155 000
Accounts Receivables	520 000	480 000
Allowance for Doubtful Debts	(60 000)	(40 000)
Plant	500 000	500 000
Accumulated depreciation plant	(260 000)	(210 000)
Deferred Tax Asset	?	35 500
Liabilities
Accounts payable	290 000	260 000
Provision for long service leave	48 500	45 000
Rent Received in advance	22 500	20 000
Deferred Tax Liability	?	0

Additional information

• Accumulated depreciation of plant for tax purposes was $330 000 at 30 June 2019, and depreciation for tax purposes for the year ended 30 June 2020 amounted to $80 000.
• The tax rate is 30%.

Required (show all workings):

Prepare Sallyis deferred tax worksheet/workings at 30 June 2020 (showing only relevant assets and liabilities), and prepare the deferred tax journal entry required on 30 June 2020. Narration is not required. (Total - 18 marks)

(Australia country)