You are provided with the following information from the accounts of Patrick Limited for the year ending 30 June 2019:

Cash sales	$200 000
Cost of goods sold	$40 000
Amounts received in advance for services to be performed in August 2019	$5 000
Rent expense paid for year ended 30 June 2019	$10 000
Rent prepaid for two months to 31 August 2019	$1 000
Doubtful debts expenses	$1 000
Annual leave expense (not paid)	$3 000

REQUIRED

Calculate taxable profit and accounting profit for the year ending 30 June 2019. (4 marks)

Use the following structure to answer the question.

	Accounting profit	Taxable profit