The draft Statement of Financial Position of Lilly Ltd at 30 June 2023 and 30 June 2022 included the following assets and liabilities: 2023 2022 $$ Accounts receivable 70,000 50,000 Allowance for doubtful debts (10,000) (5,000) Interest receivable 20,000 25,000 Plant 210,000 210,000 Accumulated depreciation - plant (63,000) (42,000) Deferred tax asset - 23,000 Rent revenue received in advance 8,000 4,000 Provision for long service leave 30,000 40,000 Deferred tax liability - 24,000 Additional information: For accounting purposes plant is depreciated using the straight line method over 10 years. For tax purposes plant is depreciated using the straight line method over 7 years. The company tax rate is 30%. Required: Complete the deferred tax worksheet and prepare any necessary journal entries to adjust deferred tax accounts for the year ended 30 June 2023.

The draft Statement of Financial Position of Lilly Ltd at 30 June 2023 and 30 June 2022 included the following assets and liabilities: 2023 2022 $$ Accounts receivable 70,000 50,000 Allowance for doubtful debts (10,000) (5,000) Interest receivable 20,000 25,000 Plant 210,000 210,000 Accumulated depreciation - plant (63,000) (42,000) Deferred tax asset - 23,000 Rent revenue received in advance 8,000 4,000 Provision for long service leave 30,000 40,000 Deferred tax liability - 24,000 Additional information: For accounting purposes plant is depreciated using the straight line method over 10 years. For tax purposes plant is depreciated using the straight line method over 7 years. The company tax rate is 30%. Required: Complete the deferred tax worksheet and prepare any necessary journal entries to adjust deferred tax accounts for the year ended 30 June 2023.

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Description: Please Fast Answer and Do not Give solution in image format The draft Statement of Financial Position of Lilly Ltd at 30 June 2023 and 30 June 2022 included thefollowing assets and liabilities:2023 2022$$Accounts receivable 70,000 50,000Allowance for

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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