Reference no: EM132570014
Question - ABC Pty Ltd recorded an accounting profit before tax of $500,000 for the year ended 30 June 2020. Included in the accounting profit were the following items of revenue and expense.
Entertainment expenses (non-deductible) for $20,000
Depreciation expense - Motor vehicle (12.5% p.a., straight-line) for $35,000
Rent revenue for $40,000
Penalties and fines for $5,000
For tax purposes the following applied
Depreciation expense - Motor vehicle (25%)
Rent received for $50,000
Income tax rate (30%)
Required -
A. Use a current tax worksheet to calculate the current tax liability for the year ended 30 June 2020.
B. Prepare the adjusting journal entry.
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