ces toys in Klang Valley. The company closes its accounts on 31 December every year. On 1 July 2008, the company had purchased the following assets: Asset Unit Costs /unit Payment Depreciation % Motor Vehicles 3 RM80,000 Cheque 20% Office Equipment RM5,000 Cash 10% It is the policy of the company to depreciate its motor vehicles by using reducing balance method and office equipment by using straight line method. On 30 June 2009, one of the motor vehicle had been disposed off with a market value of RM50,000. Use the schedule format as given below to calculate the accumulated depreciation and net book value of office equipment for the year ended 2008, 2009 and 2010. a) Accumulated Ending NBV(RM) Beginning NBV Depreciation RM Depreciation RM Year

ces toys in Klang Valley. The company closes its accounts on 31 December every year. On 1 July 2008, the company had purchased the following assets: Asset Unit Costs /unit Payment Depreciation % Motor Vehicles 3 RM80,000 Cheque 20% Office Equipment RM5,000 Cash 10% It is the policy of the company to depreciate its motor vehicles by using reducing balance method and office equipment by using straight line method. On 30 June 2009, one of the motor vehicle had been disposed off with a market value of RM50,000. Use the schedule format as given below to calculate the accumulated depreciation and net book value of office equipment for the year ended 2008, 2009 and 2010. a) Accumulated Ending NBV(RM) Beginning NBV Depreciation RM Depreciation RM Year

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

As part of a major renovation at the beginning of the year, Atiase Pharmaceuticals, Incorporated, sold shelving units (recorded as Equipment) that were 10 years old for $1,070 cash. The shelves originally cost $7,480 and had been depreciated on a straight-line basis over an estimated useful life of 10 years with an estimated residual value of $580. M9-10 (Algo) Part 1 Required: 1. Complete the accounting equation below, indicating the account, amount, and the effect of disposal. Assume that depreciation has been recorded to the date of sale. (Enter any decreases to Assets, Liabilities, or Stockholders' Equity with a minus sign. Do not round intermediate calculations.) Cash Equipment Assets 1,070 (7,250) 420= Accumulated Depreciation-Equipment Liabilities Stockholders' Equ
On October 01, 2011 Juneja Transport Company purchased 2 Trucks for Rs. 10,00,000 each. On July 01, 2013, One Truck was involved in an accident and was completely destroyed and Rs. 6,00,000 were received from the insurance company in full settlement. On December 31, 2013 another truck was involved in an accident and destroyed partially, which was not insured. It was sold off for Rs. 1,50,000. On January 31, 2014 company purchased a fresh truck for Rs. 12,00,000. Depreciation is to be provided at 10% p.a. on the written down value every year. The books are closed every year on March 31. Question a. Give the truck account and Depreciation account from 2011 to 2014. Question b. Do you believe that company is using the good method of Depreciation? Can you suggest some positive points of the method used by Juneja Transport?
On October 01, 2011 Juneja Transport Company purchased 2 Trucks for Rs. 10,00,000 each. On July 01, 2013, One Truck was involved in an accident and was completely destroyed and Rs. 6,00,000 were received from the insurance company in full settlement. On December 31, 2013 another truck was involved in an accident and destroyed partially, which was not insured. It was sold off for Rs. 1,50,000. On January 31, 2014 company purchased a fresh truck for Rs. 12,00,000. Depreciation is to be provided at 10% p.a. on the written down value every year. The books are closed every year on March 31. Q.a. Give the truck account and Depreciation account from 2011 to 2014. Q. b. Do you believe that company is using the good method of Depreciation? Can you suggest some positive points of the method used by Juneja Transport?
Al والعلوم التطبيقية ► Practice Exercise (2) A hotel purchases an air-conditioning system for OMR 100,000 and with an installation cost of OMR15,000 on 1st October 2017. The useful life of the air-conditioning system is for 10 years and with the residual value of OMR 20,000. University of hology and Applied Scan Assume that the company use straight line method for calculating depreciation, Calculate the following: a. Rate of depreciation b. Depreciation amount and Book value of the machinery for year 1, year 2, year 3 جامعة التقنية والعلوم التطبيقية University of Technology and Applied Sciences
May 21st Transaction: Bought a laptop, paying $15751 cash as a down payment and signed a 8 month $52501, 7% note payable for the balance. The company paid $901 to have its company logo painted on the side of the van. The residual value is $12001. The old laptop was sold for $12001; it cost $67501 and accumulated depreciation until the date of disposal was $60001. Produce a journal entry for this transaction.
Answer the following with working: (iv) The management of Toyota & Sons is in the process of upgrading its fleet of motor vehicles.During March the company expects to sell an old Cresida motor vehicle that cost $500,000at a gain of $45,000. Accumulated depreciation on this motor vehicle at that time isexpected to be $340,000. The employee will be allowed to pay a deposit equal to 60% ofthe selling price in March; the balance will be settled in two equal amounts in April & May of2024. (v) An air conditioning unit, which is estimated to cost $300,000, will be purchased in February.The manager has planned with the suppliers to make a cash deposit of 40% upon signing ofthe agreement in February. The balance will be settled in four (4) equal monthly instalmentsbeginning March 2024. (vi) A long-term bond purchased by Toyota & Sons 4 years ago, with a face value of $500,000will mature on January 20, 2024. To meet the financial obligations of the business,management has decided to…
Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company’s fiscal year-end is December 31. The unadjusted trial balance as of December 31, 2011, appears below: The equipment is being depreciated using the straight-line method over an eight-year useful life with $10,000 salvage value. The company estimates that 4% of all year-end accounts receivable probably will not be collected. Employee wages are paid twice a month, on the 22nd wages earned for the 1st through the 15th , and on the 7th of the following month for wages earned from the 16th through the end of month. Wages earned from December 16 through December 31, 2011, were $1,565. On October 1, 2011, Pastina borrowed $50,800 from a local bank and signed a note. The note requires interest to be paid annually on September 30 at 10%. The principal is due in 10 years. On April 1, 2011, the company lent a supplier $28,000 and a note was signed requiring principal and…
A car was purchased by a florist business in May 20W7 for: $ Cost 20,000 Road tax 300 Total 20,300 The business adopts a date of 31 December as its year end. The car was traded in for a replacement vehicle in August 20X0 at an agreed value of $10,000. It has been depreciated at 25% per annum on the reducing-balance method, charging a full year's depreciation in the year of purchase and none in the year of sale. What was the profit or loss on disposal of the vehicle during the year ended December 20X0? A Profit: $1,436 B Profit: $1,562 C Profit: $3,576 D Profit: $3,672
Muscat Bakery LLC bought a Toyota Hiace Van for its business in July 2018. The cost of the Van is RO 12000 and the useful life is 5 years. The depreciated was provided in the accounts using Declining Balance method. The company sells the van on 31 Dec 2020 for RO 6000. The amount of Profit /loss to the transferred to the Income statement will be a. RO 120 Loss b. RO 1728 Profit c. RO 912 Profit d. RO 912 Loss
A laboratory equipment costing ₱146,000 has a projected salvage value of ₱15,000 after 6 years of use. After 3 years of operation, a terrible accident made it a total loss. If a depreciation reserve was maintained in a bank account during its 3 years of operation using the straight line method, how much is in the account at the time of the accident?