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The following information was extracted from the records of Gin Gin Ltd for the year ended 30 June 2021 GIN GIN LTD Statement of financial
The following information was extracted from the records of Gin Gin Ltd for the year ended 30 June 2021 GIN GIN LTD Statement of financial position (extract) as at 30 June 2021 Assets $ 25000 (2000) Accounts receivable $23 000 Allowance for doubtful debts Machines 100 000 Accumulated depreciation machines 75 000 (25 000) Liabilities Interest payable 1000 Additional information The accumulated tax depreciation for machines at 30 June 2021 was $50 000. The tax rate is 30% Required Prepare a deferred tax worksheet to identify the temporary differences arising in respect of the assets and liabilities in the statement of financial position, and to calculate the balance of the deferred tax liability and deferred tax asset accounts at 30 June 2021. Assume the opening balances of the deferred tax accounts were $0
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