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Question
Submitted by devnee on Mon, 2012-04-09 04:30
due on Fri, 2012-04-13 04:31
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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 04:18
teacher rated 390 times
4.78718
price: $12.99

General Suppliers Limited_Depreciation

body preview (4 words)

xx

xxxxxxx Suppliers Limited_Depreciation

file1.xlsx preview (147 words)

Sheet1

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Plant & xxxxxxxxx xx costAggregate Depreciation xxxxx Plant & Machinery xxxxxxx
xx at xxxxxxxx xxx 1982 $80,000xxxxxxx xxxxxxxxxxx Amount Date Amount
xxxxxxxx xx 1st July 1983xxxxxxx xxxxxxxxxxxxxxxxx x Balance Beginningxxxxxxxxxxxx 31xxxxxxxxx sold$2,500
As xx December 31, 1983$100,000$17,000 xxxxxxx Jul. xxxxx x xxxxxxxx xxxxxxxxxxx 1 Machinery sold xxxxxx
Less: Plant xxxx xx xxxx xxxx 84 $2,500 xxxxxxxxxxxxxx x$9,000 xxxx xxBalance Closing xxxxxxxx
xxxxxx xx 1st xxxxx 84$97,500 $16,500 xxxxxxx xxxxxxxx$110,200
xxxxx xxxxxxxxxxxxxx$200$800xxxx
Add: New Machine acquired xx 1st July xxxx $1,200 xxxxxx 60
xxxxxxx $16,300$81,400 xxxxxxxxx xxxxxxxxxxxx 225
xxxx xxxxxxxx xx xxxxxxx on 1st xxxx 1984 xxxxxx xxxxxx xxxx Amount xxxx xxxxxx
xxxxxxx as December 31, 1984xxxxxxxx $26,235xxxxxxxxxxx xx Machinery sold $563 xxxx x Balance xxxxxxxxxxxxxxxx
xxxxx x xxxxxxxxx xxxx xxxx Mar. xxxxxxxxxxxxxx xxx$63
Dec. 31xxxxxxx xxxxxxxxxxxxxx xxxxx 1 xxxxxxxxxxxx xxx $50
xxxx 31 Depriciation xxx xxxxxx
xxxxxxx $27,048
xxxxxxx xxxxx xx xxxxxxxx 31, 1984 xxxxxxxxx xxxx
Plant & xxxxxxxxx Account$106,700 xxxx xxxxxx xxxx xxxxxx
Aggregate xxxxxxxxxxxx xxxxxxxxxxxxxxxxxx 31xxxxx & xxxxxxxxx xxxxxxx xxxxxxMar. xxAggregate xxxxxxxxxxxx $563
Jul. 1Mar. 31Cash$500
Oct. 1Mar. xx Loss xx xxxxxxxxxx
xxxxxx$2,500
July. x Plant & Machinery Account$1,000xxxxx xxxxxxxxxx Depreciation $250
Plant & xxxxxxxxx Account xxxx
Loss xx Exchange$350
xxxxxx $1,000

xxxxxx


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