Shengli Ltd commences operations on 1 July 2023. One year later, on 30 June 2024, the entity prepares its first statement of comprehensive income and its first statement of financial position. The statements are prepared before considering taxation. The following information is available.

Statement of comprehensive income for the year ended 30 June 2024
Gross profit	$	250000
Wages expense		(100000)
Annual leave expense		(25000)
Bad debts expense		(10000)
Rent expense		(25000)
Depreciation expense furniture and fittings		(15000)
Accounting profit before tax		75000

Assets and liabilities as disclosed in the statement of financial position as at 30 June 2024
Assets
Cash	$	75000
Inventories		100000
Accounts receivable (net)		90000
Prepaid rent		25000
Furniture and fittings		75000
Accumulated depreciation furniture and fittings		(15000)
		350000
Liabilities
Accounts payable		50000
Revenue received in advance		25000
Loan payable		100000
Provision for annual leave		25000
		200000

Additional information

• The company tax rate is assumed to be 30%.
• All salaries have been paid as at year end and are deductible for tax purposes.
• None of the annual leave expense has actually been paid. It is not deductible for tax purposes until it is actually paid.
• Rent was paid in advance on 1 July 2023. Actual amounts paid are allowed as a tax deduction.
• Amounts received from sales, including those on credit terms, are taxed at the time the sale is made. No bad debts were written off.
• The revenue received in advance is included in the taxable income.
• The furniture and fittings is depreciated on a straight-line basis over 5 years for accounting purposes, but over 3 years for taxation purposes. The furniture and fittings is not expected to have any residual value.

Required

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

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