Topic 2 ExercisesQuestion 1Yasmina Ltd's non-current assets can be divided into two classes, equipmentand furniture. As at 1 July 2019 the carrying amounts of the non-current assetsof Yasmina Ltd. were as follows:Equipment (valued at fair value)Furniture (valued at cost)Accumulated depreciation-furniture100 000(25 000)6 years3 years$300 00075 000$375 000It is expected that they will generate benefits evenly over useful life. Theexpected remaining useful lives were as follows:EquipmentFurnitureAt 30 June 2020, the equipment had a fair value of $265 000 and the furniturehad an estimated recoverable amount of $52 000. At 30 June 2020, theestimated useful life of the equipment and the furniture is unchanged.On 1 January 2021, half of the furniture is sold for its carrying amount.Required:Prepare the journal entries in the records of Yasmina Ltd to record thetransactions and events described above as at 30 June 2020 and the sale ofthe furniture on 1 January 2021. Income tax rate is 30%.

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Required: Prepare the journal entries in the records of Yasmina Ltd to record the transactions and events described above as at 30 June 2020 and the sale o the furniture on 1 January 2021. Income tax rate is 30%.

Required: Prepare the journal entries in the records of Yasmina Ltd to record the transactions and events described above as at 30 June 2020 and the sale o the furniture on 1 January 2021. Income tax rate is 30%.

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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