The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021. Lodh LTD Statement of financial position (extract) As at 30 June 2021 Relevant Assets Accounts Receivable $50,000 Allowance for doubtful debts (4,000) $46,000 Prepaid rent 42,000 Plant 200,000 Accumulated depreciation – Plant (25% on cost) (50,000) 150,000 DTA beginning balance 1,000 … Relevant Liabilities Interest Payable 2,000 Provision for long service leave 10,000 Unearned revenue 20,000 DTL beginning balance 5,000 … Additional information · The tax depreciation for plant is considered at 30% of $200,000 (original cost) at 30 June 2021. · Long service leave has not been taken by any employee during the year. · There was beginning balances for DTA and DTL respectively as have been indicated in the statement of financial position. · The tax rate is 30%. Required: Prepare a (partial) deferred tax worksheet to identify the TTD and DTD from the above information [You are required to input CA (Carrying Amount) and TB (tax Base) only in the response template to determine the TTD (DTL) and DTD (DTA). As well, you are required to calculate the deferred tax amounts and prepare the journal entry]
The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021.
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Lodh LTD Statement of financial position (extract) As at 30 June 2021 |
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Relevant Assets |
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$50,000 |
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Allowance for doubtful debts |
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(4,000) |
$46,000 |
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Prepaid rent |
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42,000 |
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Plant |
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200,000 |
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(50,000) |
150,000 |
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DTA beginning balance |
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1,000 |
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… |
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Relevant Liabilities |
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Interest Payable |
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2,000 |
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Provision for long service leave |
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10,000 |
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Unearned revenue |
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20,000 |
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DTL beginning balance |
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5,000 |
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… |
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Additional information
· The tax depreciation for plant is considered at 30% of $200,000 (original cost) at 30 June 2021.
· Long service leave has not been taken by any employee during the year.
· There was beginning balances for DTA and DTL respectively as have been indicated in the statement of financial position.
· The tax rate is 30%.
Required:
Prepare a (partial)
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