The accounting profit before tax for the year ended 30 June 2013 for Leely Bhd amounted to RM 18,500 and included:

Depreciation ? motor vehicle (25%) 54,500

Depreciation-equipmenty 20,000

Doubtful debts expense 2,300

Entertainment expense (non-deductible) 1,500

Proceeds on sale of equipment 19,000

Carrying amount of equipment sold 18,000

Rent revenue 16,000

Royalty revenue (non-taxable) 5,000

Annual leave expense 5,000

At 30 June 2013, the company's draft statement of financial position showed the following balances:

30 June 2013 30 June 2012

Assets RM RM

Cash 11,500 9,500

Accounts receivable 12,000 14,000

Allowance for doubtful debts (3,000) (2,500)

Inventories 19,000 21,500

Rent receivable 2,800 2,400

Motor vehicle 18,000 18,000

Accumulated depreciation ? motor vehicle (15,750) (11,250)

Equipment 100,000 130,000

Accumulated depreciation ? equipment (60,000) (52,000)

Deferred tax asset ? 6,450)

136,100

Liabilities

Accounts payable 15,655 21,500

Provision for annual leave 4,500 6,000

Deferred tax liability ? 7,600

Current tax liability ? 2,745

37,845

Additional Information

1.The company can claim a deduction of RM15,000 (15%) for depreciation on equipment, but the motor vehicle is fully depreciated for tax purposes.

2. The equipment sold during the year had been purchased for RM30,000 2 years before the date of sale.

3.The company income tax rate is 30%

Required:

1.Determine the balance of any current and deferred tax assets and liabilities for Leely Bhd as at 30 June 2013. Show all workings.

Current & Deferred Tax The accounting profit before tex for the year ended 30 June 2018 for Leely Wind amounted to RM 18,500 and Inchaded: Depreciation = motor vehicle (25%| 84,500 Depreciation equipment ( 20 ) ) 70,000 Doubtful debts expense 2,300 Entertainment expense inon deductbiel 1.800 Proceeds on sale of equipment 19,000 Carrying amount of equipment sold 18,000 Bent revenue 16,020 Royalty revenue [non-taxable; 5,020 Annual leave expense 5,030 At 30 june 2013, the company's draft statement of financial position showed the following balances: 10 June 2014 10 June 2013 AM Cash 11,60 9.500 Accounts receivable 12,00 14,000 Allowance for doubtful debts 13,000 (2.500) Inventories 19.000 21,500 Rent receivable 2.400 7 400 Motor vehicle Accumulated depreciation - motor vehicle (15,750) (11,250) Equipment 100 00 150,000 Accumulated depreciation - equipment Deferred tan asset 6,4501 136,100 Liabilities Accounts parable 15,645 21,500 Provision for annual leave 4,500 6.OOD Deferred saw liability 7 Current tax liability 1,745 1. The company can claim a deduction of RM15,009 [15%) for depreciation on equipment, but the motor vehicle is fully depreciated for tax purposes. 2. The equipment sold during the year had been purchased for RM30,090 2 years before the date of sale. The company income tax rate is 30% Required 1. Determine the balance of any current and deferred tax assets and liabilities for Leely Bad as at 30 june 2013. Show all workings 3. Prepare any necessary journal entires