Pls prepare journal entries for both and show solutions Problem 24-5 (IFRS)At the beginning of current year, Apple Company purchaseda plating machine for P5,400,000. The entity receivedgovernment grant of P400,000 toward this capital cost.aThe machine is to be depreciated on a 20% reducing balancebasis over 10 years. The estimated residual value is P200,000.Required:Prepare journal entries for the current year, assuming thegrant is accounted for as deferred income and deduction fromasset.

Journal entry: A journal entry is a record of the business transactions within the accounting books…

At the beginning of current year, Apple Company a plating machine for P5,400,000. The entity government grant of P400,000 toward this capita The machine is to be depreciated on a 20% reduci- asis over 10 years. The estimated residual value is

At the beginning of current year, Apple Company a plating machine for P5,400,000. The entity government grant of P400,000 toward this capita The machine is to be depreciated on a 20% reduci- asis over 10 years. The estimated residual value is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: What is a special journal?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Describe journal entries for external transactions.

A: A external transaction is a transaction which is entered by two people or two entities to exchange…

Q: Define special journals and explain their usefulness.

A: General Journal It is a chronological record of the transactions, showing an explanation of each…

Q: Can assist on the following Give a brief description of the different types of source documents…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Explain the transaction management system of delivery management system like pathao.

A: DMS (Delivery management software) is a digital logistics solution that is used for planning,…

Q: Explain the recording process of special journals.

A: Companies use special journals to record repetitive transactions that affect the same set of…

Q: how do you format a journal entry.

A: Journal entry is the primary recording of any transaction which is entered in the financial…

Q: The document which sets out basic rules for how a compay is to run?

A: Every company operating as a limited liabilities corporation, partnership firm, or public company…

Q: What is the purpose of a responsibility center file?

A: Definition: Responsibility center file: The departments of the organization are generally referred…

Q: Explain how the SELECT and WHERE commands help a user to view the necessary data from multiple…

Q: a. What advantages do computer systems offer over manual systems? b. Explain the goals and uses of…

A: In computer systems, work is done by computer and in manual systems works are done by human beings.…

Q: Define and explain the following. Provide two references A: Audit data analytics B: Audit data…

A: Data analytics has been for a long in a variety of forms, but businesses are now finding more…

Q: 16. Structured form or document used to collect and analyze data, often done real time where the…

A: Collection of information on a real time basis can be very useful for accounting and auditing…

Q: Justapose the relevance of a general journal

A: Justapose the relevance of a general journal?

Q: can I have a proper memo-based answer script with appropriate discussion and cases as well as works…

A: Answer: The term of responsibility refers to the ethical and legal obligation of an individual or…

Q: How to record General journal

A: General journal is the book of original entry in which the entities record the financial…

Q: What information is contained in the general ledger master file?

A: General Ledger: The financial information required for the preparation of financial reports of…

Q: Identify the following users as either an internal (I) or an external (E) user. Distribution manager

A: Users of the information: Users of information can be classified as internal and external users.…

Q: how to prepare journal entries

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: Journalize the transactions.

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: How to make adjuting entries in journal form?

A: Adjustment entries are the type of journal entries which are prepared to rectify the transactions…

Q: Name the two types of journals.

Q: Enumerate some accounting information system input devices and indicate its purpose, including how…

A: Accounting Information system basically involves use of modern computer technology in accounting to…

Q: Reports can be directly exported from QBO to

A: Quickbooks: It is an accounting software for small business. Accounting software maintains a records…

Q: Define the following accounting terms: 1) Entry-level software 2) Internal control 3) Network -…

A: Entry-level software refers to computer programs or applications designed for users with limited or…

Q: PREPARE THE GENERAL LEDGER

A: General ledger accounts are used to post recorded transactions into appropriate accounts. These are…

Q: Provide the necessary journal entries using the area-of-interest method

Question

100%

Pls prepare journal entries for both and show solutions

Problem 24-5 (IFRS)
At the beginning of current year, Apple Company purchased
a plating machine for P5,400,000. The entity received
government grant of P400,000 toward this capital cost.
a
The machine is to be depreciated on a 20% reducing balance
basis over 10 years. The estimated residual value is P200,000.
Required:
Prepare journal entries for the current year, assuming the
grant is accounted for as deferred income and deduction from
asset.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

In the context of databases, what does ACID stand for? A. Automatic, Consistent, Integrated, Durable B. Atomicity, Consistency, Isolation, Durability C. Array, Class, Interface, Data D. Add, Change, Insert, Delete
Explain the steps in processing transactions and the role of source documents.
Which of these processes leads to the preparation of Journal? O a. Classifying O b. Recording O c. Communication O d. Summarizing
create a journal entry in the proper format
How are system flowcharts and program flow charts related? (this is related to accounting information system)
What is journal proper? State what are the entries used to record it?
Explain the purpose of a journal and its relationship to the ledger.
Define and explain the following: A: Audit data analytics B: Audit data analytics procedures.
Define the term journal.
Diplay graphically and explain mechanism of settlements by collection orders
show journal entry (for part b) assuming estimate is considered to be accurate. and show a journal entry (from part b) assuming the amount is large enough to intentionally impact decision of users.
Give a project that involves accounting information system.