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Question
Submitted by devnee on Mon, 2012-04-09 08:30
due on Fri, 2012-04-13 08:31
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The balance sheet as at 31 December 1983 of General Suppliers Limited included the following: plant and machinery at cost $100000 Aggregate...

The balance sheet as at 31 December 1983 of General Suppliers Limited included the following: plant and machinery at cost $100000 Aggregate Depreciation $17000 Total $83000

the company provide depreciation on the cost of plant and machinery at the rate of 10% per annum using straight line method.

the bulk of the palnt and machinery was acquired when the company commence business further plant and machinery costing $20000 was acquire on 1 July 1983.

on 31 March 1984 plant and machinery written down value on 31 December 1983 was $2000 was sold $500.

on 1 July 1984 a machine was acquire at cost of $1000 when the company commence business was part-exchange for a new machine the balance of the purchase price being met with cheque for $800. the list price of new machine was $1200.

on 1 October 1984, the company transfer to its factory a machine which had been included in is trading stock and which bore a price label of $15000. the company always makes gross profit of 40% on machinery sales. Required: 1) the plant and machinery at cost for year ended 31 December 1984 2) the disposal of plant and machinery account for year ended 31 december 1984 3) the entry in the balance sheet as at 31 December 1984 for palnt and machinery.

Answer
Submitted by accountguru on Sat, 2014-04-05 08:18
teacher rated 424 times
4.76651
price: $12.99

General Suppliers Limited_Depreciation

body preview (4 words)

xx

General xxxxxxxxx xxxxxxxxxxxxxxxxxxxx

file1.xlsx preview (147 words)

Sheet1

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Plant & Machinery at cost Aggregate xxxxxxxxxxxx xxxxx Plant & xxxxxxxxx Account
xx xx December xxx xxxx$80,000xxxxxxx xxxxxxx xxxx Amountxxxx Amount
xxxxxxxx xx 1st July 1983$20,000 xxxxxx xxxxxxx Jan. x Balance xxxxxxxxx$100,000xxxx xxxxxxxxxxx xxxx $2,500
xx xx xxxxxxxx 31, xxxx $100,000$17,000$83,000Jul. x Cash x exchangexxxxxxxxxxx 1xxxxxxxxx sold $1,000
xxxxx xxxxx sold xx xxxx Mar. 84xxxxxxxxxx xxxxxxOct. xxxxxxxDec. 31 Balance Closing xxxxxxxx
xxxxxx on 1st xxxxx 84 xxxxxxxxxxxxxx xxxxxxx xxxxxxxx $110,200
Less: xxxxxxxx $1,000xxxxxxxx 9650
Add: xxx Machine xxxxxxxx on 1st xxxx 1984xxxxxx $1,200 60
xxxxxxx $16,300$81,400 xxxxxxxxx Depreciation 225
Add: Transfer of xxxxxxx on 1st Oct. xxxx$9,000xxxxxxDate xxxxxxxxxx Amount
Balance as xxxxxxxx xxx xxxx xxxxxxxx $26,235xxxxxxxxxxx 31xxxxxxxxx xxxx xxxx Jan. 1xxxxxxx xxxxxxxxx$17,000
xxxxx x Machinery xxxx xxxxMar. xxxxxxxxxxxxxx exp $63
xxxx 31 Balance xxxxxxx$26,235 July. 1 xxxxxxxxxxxx xxx xxx
Dec. 31xxxxxxxxxxxx exp$9,935
xxxxxxx $27,048
xxxxxxx xxxxx as December xxx 1984xxxxxxxxx xxxx
xxxxx & Machinery Account$106,700Date Amount xxxx Amount
Aggregate xxxxxxxxxxxx xxxxxxxxxxxxxxxxxx 31Plant & xxxxxxxxx xxxxxxxxxxxxxxxxx 31Aggregate Depreciation xxxx
xxxx 1 xxxx xx xxxx$500
xxxx 1Mar. xxxxxx xx xxxxxxxxxx
xxxxxxxxxxxx
xxxxx xxxxxx & Machinery Accountxxxxxx July. xAggregate xxxxxxxxxxxx xxxx
Plant & xxxxxxxxx xxxxxxx xxxx
xxxx on xxxxxxxx $350
xxxxxx$1,000

xxxxxx

xx


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