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The following information is extracted from the book of Excited Ltd at 30 June 2021:- Depreciation expense- vehicle (accounting) Interest expense Doubtful debt expense Depreciation
The following information is extracted from the book of Excited Ltd at 30 June 2021:- Depreciation expense- vehicle (accounting) Interest expense Doubtful debt expense Depreciation expense- vehicle (tax authority) Bad debt written off- Interest paide Allowance for doubtful debt 1 July 2020 Prepaid interest expense 1 July 2020 Deferred tax asset, 1 July 2020- Deferred tax liability, 1 July 2020- $10,000+ 8,000 13,000 12,000 e 12,500 7,500 8,000 10,000+ 1,500 2,000 Tax rate is 30%. Required: Prepare a Deferred Tax Worksheet and journal entries to account for income tax on 30 June 2021 in accordance with IAS 12/ AASB 112 Income Taxes. Show ALL workings
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