Solve the third task, with explanation 1. The following items have been extracted from the accounts of a company for the31 December 2020:endedyearDepreciation chargeProfit on sale of tangible non-current assets 5.0002$30,000Proceeds from sale of tangible non-current assets 20000Purchase of tangible non-current assets25,000If the carrying amount of tangible non-current assets was $110,000 on 31December 2019, what was it on 31 December 2020?2. On I January 2020 a company had plant and equipment with a cost of $150.000 andaccumulated depreciation thereon of $60,000. During the year ended 31 December 2020 thecost of plant additions was $30,000 and plant was disposed of with a cost of $20,000 for$18.000. This plant was bought on 30 September 2018.The depreciation policy is to make an allowance of 25% per annum on the declining balancewith a full charge in the year of acquisition and none in the vear of disposal.What is the depreciation charge for the vear ended 31 December 2020?3. Frederick. a wholesaler, has the following information relating to the year ended 31 March2020(a)Sales are made on both cash and credit terms.(b)At 1 April 2019 trade receivable were $40.000 and the receivables loss allowance was7.5% of this amount.(c)Included in opening receivable was an amount of $4.000 relating to Lean which wentinto liquidation on 2 January 2020(d)Credit sales during the vear were $195.600 and cash sales $87.800.(e)Cash received from trade receivables amounted to $192.300.(1)Apart from Lean's debt. $3.200 of other debts were found to be irrecoverable duringthe year.(g)The receivables loss allowance at the end of the year is to be 7.5% of year end tradereceivables.Required:Writethe ledger accounts for the above transactions.up

Allowance for the receivable’s loss is made by every entity. Because there is no 100% surety that…

3. Frederick, a wholesaler, has the following information relating to the year ended 31 March 2020: (a) Sales are made on both cash and credit terms. At 1 April 2019 trade receivable were $40.000 and the receivables loss allowance wwas 7.5% of this amount. (b) (c) Included in opening receivable was an amount of $4.000 relating to Lean which went into liquidation on 2 January 2020. (d) Credit sales during the vear were $195.600 and cash sales $87.800. (e) Cash received from trade receivables amounted to $192.300. (1) Apart from Lean's debt. $3.200 of other debts were found to be irrecoverable during the year. (g) The receivables loss allowance at the end of the year is to be 7.5% of year end trade receivables. Required: Write up the ledger accounts for the above transactions.

3. Frederick, a wholesaler, has the following information relating to the year ended 31 March 2020: (a) Sales are made on both cash and credit terms. At 1 April 2019 trade receivable were $40.000 and the receivables loss allowance wwas 7.5% of this amount. (b) (c) Included in opening receivable was an amount of $4.000 relating to Lean which went into liquidation on 2 January 2020. (d) Credit sales during the vear were $195.600 and cash sales $87.800. (e) Cash received from trade receivables amounted to $192.300. (1) Apart from Lean's debt. $3.200 of other debts were found to be irrecoverable during the year. (g) The receivables loss allowance at the end of the year is to be 7.5% of year end trade receivables. Required: Write up the ledger accounts for the above transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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