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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
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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 2021Step by Step Solution
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