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The following information was extracted from the records of Sol Ltd for the year ended 30 June 2024. SOL LTD Statement of financial position (extract)
The following information was extracted from the records of Sol Ltd for the year ended 30 June 2024. SOL LTD Statement of financial position (extract) as at 30 June 2024 Assets Accounts receivable Allowance for doubtful debts Motor vehicles Accumulated depreciation motor vehicles Liabilities Interest payable $ 50 000 (4000) $ 46 000 200 000 (50 000) 150 000 2 000 Additional information The accumulated tax depreciation for motor vehicles at 30 June 2024 was $100 000. 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 2024. Assume the opening balances of the deferred tax accounts were $0
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