The following information is extracted from the book of Excited Ltd at 30 June 2021: Depreciation...

  

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The following information is extracted from the book of Excited Ltd at 30 June 2021: Depreciation expense- vehicle (accounting) $10,000 8,000 Interest expense Doubtful debt expense Depreciation expense- vehicle (tax authority) Bad debt written off Interest paid Allowance for doubtful debt 1 July 2020 Prepaid interest expense 1 July 2020 Deferred tax asset, 1 July 2020 I Deferred tax liability, 1 July 2020 Tax rate is 30%. 13,000 12,000 12,500 7,500 8,000 10,000 1,500 2,000 Required: 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. The following information is extracted from the book of Excited Ltd at 30 June 2021: Depreciation expense- vehicle (accounting) $10,000 8,000 Interest expense Doubtful debt expense Depreciation expense- vehicle (tax authority) Bad debt written off Interest paid Allowance for doubtful debt 1 July 2020 Prepaid interest expense 1 July 2020 Deferred tax asset, 1 July 2020 I Deferred tax liability, 1 July 2020 Tax rate is 30%. 13,000 12,000 12,500 7,500 8,000 10,000 1,500 2,000 Required: 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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As per IAS 12 AASB112 on 30th June Depreciation expense As per accounting 10000 As pe... View the full answer