Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Financial Accounting Expert

Problem1. The financial year of the Glassware Ltd will end on 31 December 2008. At 1 January 2008, the company had in use equipment with the total accumulated cost of Rs 135,620 which had been depreciated by the total of Rs 81,734. Throughout the year ended 31 December 2008, Glassware Ltd bought new equipment costing Rs 47,800 and sold off equipment which had originally cost Rs 36,000 and that had been depreciated by Rs 28,224, for Rs 5,700. No further sales or purchases of equipment are planned for December. The policy of the company is to depreciate equipment at 40% using the diminishing balance method. A full year’s depreciation is provided for on all equipment in use by the company at end of each year.

Required:

Prepare the following ledger accounts for the year ended 31 December 2008:

(i) Equipment account

(ii) Provision for depreciation on equipment account

(iii) Asset disposal account.

(iv) Give three causes of depreciation and for each give the ex of type of fixed asset for which that cause is appropriate.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M94358

Have any Question? 


Related Questions in Financial Accounting

Truefalse1 a distribution from a corporation will be

True/False 1 A distribution from a corporation will be taxable to the recipient shareholders only to the extent of the corporation's E & P. 2 All distributions that are not dividends are a return of capital and decrease ...

1 accrual income versus cash flow for a period thomas book

1. Accrual income versus cash flow for a period Thomas Book Sales, Inc., supplies textbooks to college and university bookstores. The books are shipped with a proviso that they must be paid for within 30 days but can be ...

Chapter 1 1 which of the following goals of the firm are

Chapter 1 1) Which of the following goals of the firm are synonymous (equivalent) to the maximization of shareholder wealth? A) profit maximization B) maximization of the total market value of the firm's common stock C) ...

Module two financial statement analysis worksheetthe main

Module Two Financial Statement Analysis Worksheet The main goal of financial statement analysis is to use past and current performance to identify changes and trends that will affect a company. Financial ratios are a wid ...

Martin-pullin bicycle corp mpbc located in dallas is a

Martin-Pullin Bicycle Corp. (MPBC), located in Dallas, is a wholesale distributor of bicycles and bicycle parts. Formed in 1981 by cousins Ray Martin and Jim Pullin, the firm's primary retail outlets are located within a ...

Ratios assignmentthe new cfo e-mails you asking for your

Ratios Assignment The new CFO e-mails you, asking for your help this week analyzing some competitor's financial statements. Knowing that there are over 20 different ratios that can be used to monitor and assess the finan ...

Assignment audrey jhingrees ice cream parloraudrey jingle

Assignment: Audrey Jhingree's ice cream parlor Audrey Jingle opened an ice cream parlor in a university town. The parlor specializes in ice cream combinations named after popular professors in the business department of ...

Question 1archer daniels midland company is considering

Question 1: Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.00 million. This investment will consist of $2.00 mill ...

Assignment fifo and lifo effectsyou are the vice-president

Assignment: FIFO and LIFO Effects You are the vice-president of finance of Sandy Alomar Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2007. Thes ...

Assignmentrecording general fund operating budget and

Assignment Recording General Fund Operating Budget and Operating Transactions. The Town of Bedford Falls approved a General Fund operating budget for the fiscal year ending June 30, 2017. The budget provides for estimate ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro