The statement of financial position of Sallyi Ltd at 30 June 2020 showed the following assets and liabilities.
|
Assets |
2020 ($) |
2019($) |
|
Cash |
80 000 |
85 000 |
|
Inventories |
170 000 |
155 000 |
|
Accounts Receivables |
520 000 |
480 000 |
|
Allowance for Doubtful Debts |
(60 000) |
(40 000) |
|
Plant |
500 000 |
500 000 |
|
Accumulated depreciation – plant |
(260 000) |
(210 000) |
|
Deferred Tax Asset |
? |
35 500 |
|
Liabilities |
||
|
Accounts payable |
290 000 |
260 000 |
|
Provision for long service leave |
48 500 |
45 000 |
|
Rent Received in advance |
22 500 |
20 000 |
|
Deferred Tax Liability |
? |
0 |
Additional information
Required (show all workings):
Prepare Sallyi’s deferred tax worksheet/workings at 30 June 2020 (showing only relevant assets and liabilities), and prepare the deferred tax journal entry required on 30 June 2020. Narration is not required.
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