Practical Question 2 - Accounting for Income Tax - Deferred Tax Worksheet - 6 Marks The Statement of Financial Position of Peach as at 30 June 2020 showed the following assets and liabilities. 2020 2019 Assets $ $ Cash 15 000 12 500 Accounts receivables 65,000 51,000 Allowance for doubtful debts (3,000) (4,000) 8,500 Inventory 11,500 Rent Receivable 4,200 7,500 Plant 60,000 60,000 Accumulated Depreciation - Plant (27,500) (21,000) Deferred Tax Asset 2,400 Liabilities 29,000 Accounts Payable Provision for warranty 26,000 4,500 7,000 Provision for annual leave 7,500 7,000 Deferred Tax Liability 3,200 Practical Question 2 - Accounting for Income Tax - Deferred Tax Worksheet - 6 Marks The Statement of Financial Position of Peach as at 30 June 2020 showed the following assets and liabilities. 2020 2019 Assets $ $ Cash 15 000 12 500 Accounts receivables 65,000 51,000 Allowance for doubtful debts (3,000) (4,000) 8,500 Inventory 11,500 Rent Receivable 4,200 7,500 Plant 60,000 60,000 Accumulated Depreciation - Plant (27,500) (21,000) Deferred Tax Asset 2,400 Liabilities 29,000 Accounts Payable Provision for warranty 26,000 4,500 7,000 Provision for annual leave 7,500 7,000 Deferred Tax Liability 3,200