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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 340 times
4.764705
price: $12.99

General Suppliers Limited_Depreciation

body preview (4 words)

xx

General xxxxxxxxx xxxxxxxxxxxxxxxxxxxx

file1.xlsx preview (147 words)

Sheet1

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxx & Machinery at costAggregate Depreciation Total Plant & xxxxxxxxx xxxxxxx
As at December xxx 1982$80,000 xxxxxxx $64,000Date xxxxxxDate Amount
xxxxxxxx xx xxx July 1983$20,000xxxxxx$19,000xxxx 1 xxxxxxx Beginningxxxxxxxx xxxx 31Machinery xxxxxxxxxx
As xx December 31, xxxxxxxxxxxxxxxxxxxxxxxxxx xxxx xCash / exchange $1,200July. xMachinery xxxx$1,000
Less: xxxxx xxxx on 31st xxxx 84 xxxxxx xxxx xxxxxxxxxx 1$9,000Dec. 31 Balance Closingxxxxxxxx
Assets xx xxx xxxxx xx$97,500 xxxxxxx xxxxxxxxxxxxxxx xxxxxxxx
xxxxx xxxxxxxx$1,000 xxxx xxxx 9650
Add: xxx Machine xxxxxxxx on xxx July xxxx$1,200xxxxxxxx
xxxxxxx xxxxxxx $81,400xxxxxxxxx Depreciation 225
Add: xxxxxxxx of Machine xx 1st xxxx 1984 xxxxxxxxxxxxDate Amount Date xxxxxx
Balance as xxxxxxxx xxx 1984xxxxxxxx xxxxxxx$80,465 xxxx 31 Machinery sold $563 xxxx xBalance Beginning $17,000
July. xxxxxxxxxx soldxxxx Mar. 31 xxxxxxxxxxxx exp$63
xxxx xx Balance xxxxxxx$26,235July. 1 xxxxxxxxxxxx exp xxx
Dec. xx Depriciation expxxxxxx
$27,048 $27,048
xxxxxxx Sheet as December xxx xxxxxxxxxxxxx Sold
xxxxx & xxxxxxxxx xxxxxxxxxxxxxxxxxxx Amountxxxx Amount
xxxxxxxxx xxxxxxxxxxxx xxxxxxx$80,465xxxx xx Plant & Machinery xxxxxxx$2,500Mar. xxAggregate xxxxxxxxxxxx $563
Jul. x Mar. 31Cash xxxx
xxxx x xxxx 31xxxx on salexxxxxx
xxxxxx $2,500
xxxxx x xxxxx & Machinery xxxxxxx $1,000xxxxx 1 xxxxxxxxx xxxxxxxxxxxx $250
xxxxx & Machinery Account $400
xxxx xx xxxxxxxx$350
xxxxxx xxxxxx

xxxxxx

x


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