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

Research case-comparing financial reporting objectives gasb

Research Case-Comparing Financial Reporting Objectives. GASB Concepts Statement No. 1, "Objectives of Financial Reporting," states that "Accountability is the cornerstone of all financial reporting in government." FASB S ...

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 ...

Assignmentin a survey 24 it professionals in chicago were

Assignment In a survey, 24 IT professionals in Chicago were asked how much their annual salary was for the year 2012. The results are shown below: $109,000 $ 65,000 $ 65,000 $ 59,000 $ 180,000 $ 101,325 $ 130,000 $95,000 ...

Trust activities and fund issuesexercise 1a concerned

Trust Activities and Fund Issues Exercise 1 A concerned citizen provides resources and establishes a trust with the local government. What factors should be considered in determining which fund to report the trust activi ...

Accounting for contributions vary by usethe city of

Accounting for Contributions Vary by Use The City of Jamestown has agreed to acquire a new city maintenance building under a capital lease agreement. At the inception of the lease, a payment of $100,000 is to be made; ni ...

Assignmentfreds electrical inc sells electrical parts to

Assignment Fred's Electrical, Inc. sells electrical parts to electrical contractors in the northwestern United States. Fred's customers mail their payments - attached to the stub (i.e., remittance advice [RA]) from their ...

Application calculating variances and analyzing the

Application: Calculating Variances and Analyzing the Results While many organizational costs can be planned for, the actual results may vary from the initial projections. Assessing how these variances impact the bottom l ...

Case second department-weighted-average methoddurall

CASE: Second Department-Weighted-Average Method Durall Company manufactures a plastic gasket that is used in automobile engines. The gaskets go through three processing departments: Mixing, Forming, and Stamping. The com ...

Assignmentfor all questions assume no other transactions or

Assignment For all questions, assume no other transactions or activities have taken place during the period except as noted. Answer all questions! Prepare and present calculations for partial credits for questions with c ...

What projects can restore the rights and dignity of people

What Projects can restore the rights and dignity of people and societies who may be, or are forced into motion due to social injustices, politics, economic pressures, climate change and war.

  • 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