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.
General Suppliers Limited_Depreciation
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xxxxxxx Suppliers Limited_Depreciation
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|Plant & xxxxxxxxx xx costx||Aggregate Depreciation||xxxxxx||Plant & Machinery xxxxxxx|
|xx at xxxxxxxx xxx 1982||$80,000x||xxxxxxx||xxxxxxxx||xxxxx||Amount||Date||Amount|
|xxxxxxxx xx 1st July 1983x||xxxxxxx||xxxxxxx||xxxxxxxx||xxxx x||Balance Beginningx||xxxxxxxxx||xxxx 31x||xxxxxxxxx soldx||$2,500|
|As xx December 31, 1983x||$100,000x||$17,000||xxxxxxx||Jul. xx||xxxx x xxxxxxxx||xxxxxxx||xxxxx 1||Machinery sold||xxxxxx|
|Less: Plant xxxx xx xxxx xxxx 84||$2,500||xxxxx||xxxxxxx||xxxx xx||$9,000||xxxx xxx||Balance Closing||xxxxxxxx|
|xxxxxx xx 1st xxxxx 84x||$97,500||$16,500||xxxxxxx||xxxxxxxxx||$110,200|
|Add: New Machine acquired xx 1st July xxxx||$1,200||xxxxxx||60|
|xxxx xxxxxxxx xx xxxxxxx on 1st xxxx 1984||xxxxxx||xxxxxx||xxxxx||Amount||xxxxx||xxxxxx|
|xxxxxxx as December 31, 1984x||xxxxxxxx||$26,235x||xxxxxxxx||xxxx xx||Machinery sold||$563||xxxx x||Balance xxxxxxxxxx||xxxxxxx|
|xxxxx x||xxxxxxxxx xxxx||xxxx||Mar. xxx||xxxxxxxxxxxx xxxx||$63|
|Dec. 31x||xxxxxxx xxxxxxxx||xxxxxxx||xxxxx 1||xxxxxxxxxxxx xxx||$50|
|xxxx 31||Depriciation xxx||xxxxxx|
|xxxxxxx xxxxx xx xxxxxxxx 31, 1984||xxxxxxxxx xxxx|
|Plant & xxxxxxxxx Accountx||$106,700||xxxx||xxxxxx||xxxx||xxxxxx|
|Aggregate xxxxxxxxxxxx||xxxxxxxx||xxxxxxxx||xxxx 31x||xxxxx & xxxxxxxxx xxxxxxx||xxxxxxx||Mar. xxx||Aggregate xxxxxxxxxxxxx||$563|
|Jul. 1x||Mar. 31x||Cashx||$500|
|Oct. 1x||Mar. xx||Loss xx xxxxx||xxxxxx|
|July. x||Plant & Machinery Accountx||$1,000x||xxxxx xx||xxxxxxxxx Depreciation||$250|
|Plant & xxxxxxxxx Account||xxxx|
|Loss xx Exchangex||$350|
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