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The following information was extracted from the records of Jondaryan Ltd as at 30 June 2023 Carrying famount Tax base Asset (liability) Accounts receivable Motor
The following information was extracted from the records of Jondaryan Ltd as at 30 June 2023 Carrying famount Tax base Asset (liability) Accounts receivable Motor vehicles Provision for warranty Deposits received in advance $150 000 165000 (12000) (15000) $175 000 125 000 0 0 1 Additional information The depreciation rate for accounting is 15% and for taxation is 25%. Deposits received in advance relate to those customers who place orders and deposit the money before receiving Jondaryan Ltd items. The accounts receivable carrying amount is net of the allowance for doubtful debts of $25,000 On 1 July 2022 the balance in the deferred tax asset was $16 500 and the balance in the deferred tax liability was $14 000. Required 1. Calculate the temporary differences for Jondaryan Ltd as at 30 June 2023. Provide a reason for your classification of each difference as either a deductible temporary difference or a taxable temporary difference. 2. Prepare a deferred tax worksheet and the journal entry to record deferred tax for the year ended 30 June 2023
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