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Provide a journal entry both of event

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Question -

EVENT 1 - Raiso Bhd' prepares its financial statement at 31 December each year and for the year ended 31 December 2019 it has a pre-tax accounting profit of RM240,000 inclusive of RM40,000 interest that is only receivable in 2020.

EVENT 2 - Fasola Bhd' has a pre-tax accounting profit of RM340,000 after deducting interest of RM40,000 in its financial statement at 31 December 2019. This interest is payable in 2020.

Required - Provide a journal entry both of event to record the adjustment for deferred tax.

Reference no: EM132536951

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