The statement of financial position of Quentin Ltd at 30 June 2021 showed the following assets...

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The statement of financial position of Quentin Ltd at 30 June 2021 showed the following assets and liabilities. 2021 $ Cash 6,000 Accounts receivables 170,000 Allowance for doubtful debts (5,000) Inventory 19,000 Interest receivable 7,200 Plant 120,000 Accumulated Depreciation - Plant (30,000) Deferred Tax Asset (at 30/06/2020: $4,300) Liabilities Accounts Payable 150,000 Provision for Long service leave 4,000 Interest Payable 2,000 Deferred Tax Liability (at 30/06/2020: $1,000) Additional information Accumulated depreciation of plant for tax purposes was $20,000 at 30 June 2021. a. b. The tax rate is 30%. Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021. The statement of financial position of Quentin Ltd at 30 June 2021 showed the following assets and liabilities. 2021 $ Cash 6,000 Accounts receivables 170,000 Allowance for doubtful debts (5,000) Inventory 19,000 Interest receivable 7,200 Plant 120,000 Accumulated Depreciation - Plant (30,000) Deferred Tax Asset (at 30/06/2020: $4,300) Liabilities Accounts Payable 150,000 Provision for Long service leave 4,000 Interest Payable 2,000 Deferred Tax Liability (at 30/06/2020: $1,000) Additional information Accumulated depreciation of plant for tax purposes was $20,000 at 30 June 2021. a. b. The tax rate is 30%. Required Prepare the deferred tax worksheet and journal entries to adjust deferred tax accounts as at 30 June 2021.

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Note The last two columns in deferred tax worksheet is given for working purpose Deferred tax worksh... View the full answer