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Question 35 Calculation of deferred tax Not yet saved Marked out of 10.00 Flag question The following information was extracted from the records of Sol
Question 35 Calculation of deferred tax Not yet saved Marked out of 10.00 Flag question 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 Assets Accounts receiyable Allowance for doubtful debts $ 50 000 (4000) s 46 000 Motor vehicles Accumulated depreciation --- motor vehicles 200 000 (30 000) 150 000 Liabilities Interest payable 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 financi the deferred tax liability and deferred tax asset accounts at 30 June 2024. Assume the opening balances of the deferred tax accounts were $0. 1 A B U T - 6 F Future Future Taxable Camina Apocupts Taxable Tomnorar Deductible Temporary haducible Tav Baca es arising in respect of the assets and liabilities in the statement of the deferred tax liability and deferred tax asset accounts at 30 June 2024. Assume the opening balances of the deferred tax accounts we 7 | 0 1 - . % Future Carrying Amount Future Taxable Deductible Amount Amount $ Tax Base Taxable Temporary Differences $ Deductible Temporary Differences Assets Accounts receivable Motor vehicles Feed Fasures Liabilities Interest payable TTD Excluded TD Net TD DTL DTA Beginning balances Movement during year Adjustment
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