Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thank you for helping me. The Statement of Financial Position of Paul Ltd as at 30 June 2021 showed the following assets and liabilities. 2021

image text in transcribed

Thank you for helping me.

The Statement of Financial Position of Paul Ltd as at 30 June 2021 showed the following assets and liabilities. 2021 Assets $ Cash Accounts receivables 4,500 127,500 (6,000) 14,250 Allowance for doubtful debts Inventory Prepaid insurance 5,400 90,000 Plant (22,500) Accumulated Depreciation - Plant Deferred Tax Asset (at 30/06/2020: $2,000) ? Liabilities Accounts Payable 112,500 3,000 Provision for Long service leave Provision for Warrranty 4,500 Deferred Tax Liability (at 30/06/2020: $1,000) ? Additional information a. Accumulated depreciation of plant for tax purposes was $30,000 as at 30 June 2021. The tax rate is 30%. b. Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions