The following represented the Statement of Financial Position of Lava's Ltd for the year ended 30 June 2010 and 30 June 2011.

Assets 2011 2010

Cash 110,000 87,000

Accounts Receivables (net) 45,000 52,000

Inventory 58,000 43,000

Interest receivables 8,400 5,000

Prepaid insurance 7,000 5,000

Deferred Tax asset ? 10,470

Development Cost 32,000 32,000

Less Accumulated amortisation (8,000)

Property Plant & Equipment 75,000 75,000

Less Accumulated amortisation (22,000) (13,500)

Liabilities 2011 2010

Accounts Payable 28,500 31,700

Accrued Expenses 7,200 11,600

Deferred Tax Liability ? 15,150

Rent received in advance 12,000 -

Bank Loan 50,000 50,000

Provision for employee benefits 21,000 17,300

Additional information was provided:

• The balance for allowance for doubtful debts for 2011 and 2010 was $5,000 and $6,000 respectively.
• Interest revenue was assessable when the cash was received.
• Insurance was deductible when paid
• Development cost were deductible when paid together with an additional deduction of 50%.
• Accrued expenses were deductible when paid.
• Rent revenue was assessable when the cash was received.
• Employee benefit was deductible when payment was made to the employee.
• The tax deduction rate for plant and equipment was double the rate of accounting.
• Tax rate is 30%.

Analyse a deferred tax worksheet for the business ended 2011 to calculate the amount of adjustment required for deferred tax assets and deferred tax liabilities.