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

The finance or accounting director has asked you to report

The finance or accounting director has asked you to report on the funds and financial status of your government entity (pretend he or she is your boss). Your boss will present the information to various users, so current ...

Question 1brisky corporation had net sales of 2400000 and

Question 1 Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses $280,000; an ...

Assignment capstone projectpart 1 adjusting entries amp

Assignment: Capstone Project Part 1 Adjusting entries & Statements Year-end Adjustment Data for Roxy and Harley Corp is as follows: 1. $300,000 in sales on account had not been recorded but were shipped FOB Shipping Poin ...

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 ...

Assignment business plan - finalthis assignment consists of

Assignment: Business Plan - Final This assignment consists of two sections: your final business plan and your business plan financials. Note: You must submit both sections as separate files for the completion of this ass ...

Assignmentpart 11 monthly sales were 200000 it was

Assignment Part 1 1) Monthly sales were $200,000. It was estimated that 4% of the units sold would have to be replaced under warranty. On the date of sale the company should record a debit to: A) Sales for $8,000 B) Warr ...

Financial accountingfinancial conditionbullfor this

Financial Accounting Financial Condition • For this discussion, assume the role of a financial manager in a company, and assume that you have just hired a new bookkeeper to join your team. You want to assess the new hire ...

Assignment business accounting and youthe goal of this

Assignment: Business, Accounting, and You The goal of this graded project is to create the following financial statements for J & L Accounting, Inc.: Balance sheet Income statement Statement of retained earnings Post-clo ...

Accounting assignmentapplication break-even analysiswhen

Accounting Assignment Application: Break-Even Analysis When expenses and revenues are equal, this is known as the "break-even point" or BEP. To determine break-even, an examination of fixed and variable costs (expenses) ...

Paper preparation topic abortion- please read instructions

Paper Preparation Topic: Abortion- Please read instructions in red. To prepare for your Paper (due in Week Five), complete the following assignment and submit it to your instructor for feedback. Your paper should include ...

  • 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

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

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen