1. 1) T Limited accrued $10,000 interest revenue in the year ended 30 June 2020 This item will not be taxable until it is received in the following financial year If the company tax rate is 30 What is the tax effect adjustment on 30 June 2020 .
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3. 2) B Limited had the following deferred tax balances at reporting date deferred tax assets $10,000 deferred tax liabilities $25,000 Effective from the first day of the next financial period, the company rate of income tax was decreased from 25 to 20 What is the tax effect adjustment to recognise the impact of the tax rate change .
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5. 3) The following information was extracted from the financial records of ABC Limited equipment purchased on 1 July 2019 for $200 000 (accounting depreciation 10 straight line tax depreciation 20 straight line) If the company tax rate is 30, what is the deferred tax item that will be recorded by ABC Limited at 30 June 2020. 
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7. 4) XYZ Limited adopted tax effect accounting during the current financial period When estimating the balance date adjustments at the end of the financial period the following information was determined current tax liability $12000 deferred tax liability increased by $15000 deferred tax asset increased by $18000 Show your calculation to determine the amount of total income tax expense recognised by the company in the current period .
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9. 5) The companys provision for longservice leave at the beginning and end of the year are $160 000 and $150 000 respectively In the current year, $20 000 in longservice leave was paid to a longstanding employee The company tax rate is 30 Prepare the endofperiod adjustment journal entries for the deferred tax account in relation to the above situation.

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Ans1 and Ans 2 Ans 3 Accounting depreciation 20000010 20000 Tax deprecia... View the full answer