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Prepare the journal entry necessary to record the amendment to the prior year’s taxation return

Updated: Aug 19, 2021

Required:

1. Prepare the journal entry necessary to record the amendment to the prior year’s taxation return. (1 Mark)

2. Prepare the current tax worksheet to calculate the current tax liability for the year ended 30 June 2019 (show all working). (15 Marks)

3. Prepare the deferred tax worksheet to calculate the deferred tax asset and liability balances and adjustments for the year ended 30 June 2019. Include all accounts and net balances where appropriate. (12 Marks)

4. Prepare the journal entries to recognise the current tax liability, deferred tax assets and liabilities at 30 June 2019. (2 Marks)

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