Question: Using a t-account, how do we get the deferred tax asset missing number? The answer is here: But i just need to understand the t-account
he accounting profit before tax for the year ended 30 June 2019 for Q Ltd amounied to $18 500 and included: Depreciation expense-motor vehicle (25% pa., straight-line) Depreciation expense-equipment (20% p.a., straight-line) Rent revenue Royalty revenue (non-taxable) Doubtful debts expense Entertainment expense (non-deductible) Annual leave expense Gain on sale of equipment $ 4500 20000 16000 5000 2300 1 500 5000 1000 The draft statement of financial position at 30 June 2019 for Q Ltd contained the following assets and liabilities. 2019 2018 on.t this 12000 -3000 wnt off Cash CA .TB ts)120-000 nt of 11 90 12000 3000 19000 2800 14000 2500) 21500 2400 18000 (11250) 130000 (52000) 6450 Allowance for doubtful debts Inventories N/A Rent receivableod dudutib Motor vehicle Accumulated depreciation-motor vehicle portmnt 6t(15750) 100000 60000) Deferred tax asset &temmpren d Liabilities Accounts payable Provision for annual leave Current tax liability Deferred tax liability 15655 4500 21500 6000 7600 2745 Additional information The motor vehicle is fully depreciated for tax purposes. Q Ltd claims tax depreciation on equipment at the rate of 15% pa. The sale of equipment on which a gain was recognised (see above) was the only movemen the equipment account during the year and took place on 1 July 2018. The company tax rate is 30%
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