Wombat Ltd

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Wombat Ltd’s balance sheet and statement of financial position shows an item of machinery that cost $150,000 and that has accumulated depreciation of $40,000. For taxation purposes the asset has a net value of $90,000. Wombat Ltd also has interest receivable of $15,000 which will not be taxed by the ATO until it is received. Wombat has a provision for warranty expenses with a balance of $100,000. All of the provision was created in the current financial year, and no amounts have been paid. The warranty expense is not deductible until such time as the costs associated with the warranty are actually paid. The tax rate is 30 percent.


Calculate any deferred tax assets and liabilities for Wombat Ltd and provide the relevant journal entries.

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