Reference no: EM132975419
The following information is extracted from the book of Excited Ltd at 30 June 2021:
Depreciation expense- vehicle (accounting) $10,000
Interest expense 8,000
Doubtful debt expense 13,000
Depreciation expense- vehicle (tax authority) 12,000
Bad debt written off 12,500
Interest paid 7,500
Allowance for doubtful debt 1 July 2020 8,000
Prepaid interest expense 1 July 2020 10,000
Deferred tax asset, 1 July 2020 1,500
Deferred tax liability, 1 July 2020 2,000
Tax rate is 30%.
Required:
Problem 1: Prepare a Deferred Tax Worksheet and journal entries to account for income tax on 30 June 2021 in accordance with IAS 12/ AASB 112 Income Taxes. Show ALL workings.
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Prepare journal entries to account for income tax
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