Question
The statement of financial position of Quentin Ltd at 30 June 2021 showed the following assets and liabilities. 2021 $ Cash 6,000 Accounts receivables 170,000
The statement of financial position of Quentin Ltd at 30 June 2021 showed the following assets and liabilities.
| 2021 $ |
---|---|
Cash | 6,000 |
Accounts receivables | 170,000 |
Allowance for doubtful debts | (5,000) |
Inventory | 19,000 |
Interest receivable | 7,200 |
Plant | 120,000 |
Accumulated Depreciation - Plant | (30,000) |
Deferred Tax Asset (at 30/06/2020: $4,300) | ? |
|
|
Liabilities |
|
Accounts Payable | 150,000 |
Provision for Long service leave | 4,000 |
Interest Payable | 2,000 |
Deferred Tax Liability (at 30/06/2020: $1,000) | ? |
?
Additional information
a. Accumulated depreciation of plant for tax purposes was $20,000 at 30 June 2021.
b. The tax rate is 30%.
Required
Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021.
Please answer using these headings
Carrying amount | Tax base | Taxable temp diff | deductible temp diff | |
Thumbs up will be given for correct and fast answer.
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