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 winston company estimates that the factory overhead for

The Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50 ...

Gb service corporation has two service departments

GB Service Corporation has two service departments, Administration and Accounting, and two operating departments, East and West. Administration costs are allocated on the basis of employees, and Accounting costs are allo ...

In december of year 2 operations month 24 memories inc

In December of Year 2 operations (month 24), Memories, Inc. actually produced and sold 32,675 figurines, consisting of 30,570 dolls and 2,105 replicas. The budgeted sales price for dolls was $5.00, and $5.25 for replicas ...

Ignore income taxes in this problem the following data

(Ignore income taxes in this problem.) The following data pertain to an investment proposal: Cost of the investment $56,000 Annual cost savings $16,000 Estimated salvage value $6,000 Life of the project 5 years Discount ...

Preparation of schedule of cost of goods manufactured lo p2

Preparation of schedule of cost of goods manufactured LO P2 Given the following selected account balances of Delray Mfg. Sales $ 1,168,000 Raw materials inventory, Dec. 31, 2014 42,000 Work in process inventory, Dec. 31, ...

Plaintiff gregory mills and defendant robert chauvin formed

Plaintiff, Gregory Mills, and defendant, Robert Chauvin, formed a partnership and took ownership of a commercial office building located on Crescent Road in the town of Clifton Park, Saratoga County. Chauvin for sometime ...

For the years ended december 31201120102009in thousands of

For the years ended December 31, 2011 2010 2009 In thousands of dollars except per share amounts Net Sales $6,080,788 $5,671,009 $5,298,668 Costs and Expenses: Cost of sales 3,548,896 3,255,801 3,245,531 Selling, marketi ...

Which of the following items are inclusions in gross

Which of the following items are inclusions in gross income? a. During the year, stock the taxpayer purchased as an investment doubled in value. b. Amount an off-duty motorcycle police officer received for escorting a fu ...

The income statement of whitlock company is presented

The income statement of Whitlock Company is presented here. Additional information: Accounts receivable increased $200,000 during the year, and inventory decreased $500,000. Prepaid expenses increased $150,000 during the ...

Practice final exam and group assignment 2nccb

Practice Final Exam and Group Assignment #2 NCCB 5000 FINANCIAL ACCOUNTING Summer/Fall 2016     NAME:___________________________________             Net ID: ____________ Instructions: This examination consists of 12 page ...

  • 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

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate