Answer only ADon't give answer in image format PalThe followingISUP MANUFACTURERSTRIAL BALANCEAT 31 MARCH 20X4rised trial balance of Up Manufacturers at 31 March 20X4:Plant: costPlant: accumulated depreciation - 31/03/X3CapitalRetained profitCurrent assetsCurrent liabilitiesDr260 00075 000335 000Cr75 000100 000100 00060 000335 000All the plant was purchased on 1 April 20X0. The accumulated depreciation balance at31 March 20X3 was measured at 10% per annum on the straight line basis to a residualvalue of C10 000.At 31 March 20X4, the fair value of the plant was determined by independent appraisal tobe C176 000. As part of the same process, the residual value was re-estimated to beC11 000, but the remaining useful life remained unchanged.All adjusting and closing journal entries for the year ended 31 March 20X4 have beenprocessed except for those relating to the depreciation and the revaluation of the plant.The profit for the year ended 31 March 20X4 was C55 000, before processing theoutstanding journals referred to above.During the year ended 31 March 20X5, the business earned a profit, after processingdepreciation, of C34 000. The current assets at 31 March 20X5 amount to C105 000 andthe current liabilities amount to C28 500.The business uses the revaluation model to measure its plant, and the revaluation surplusis eliminated only when the revalued plant is disposed of. The business also chose toeliminate any balance in the accumulated depreciation account on date of revaluationagainst the cost account.You are required to:a. Provide the outstanding journal entry/entries for the year ended 31 March 20X4.Closing entries are not required.inment of comprehensive income and an extract fromded 31 March 20X4.March 20X5.

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Description: Answer only ADon't give answer in image format PalThe followingISUP MANUFACTURERSTRIAL BALANCEAT 31 MARCH 20X4rised trial balance of Up Manufacturers at 31 March 20X4:Plant: costPlant: accumulated depreciation - 31/03/X3CapitalRetained profitCurrent

The international accounting standard allows two types of recording treatment for an asset; 1) Cost…

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The following UP MANUFACTURERS TRIAL BALANCE AT 31 MARCH 20X4 trial balance of Up Manufacturers at 31 March 20X4: Plant: cost Plant: accumulated depreciation - 31/03/X3 Capital Retained profit Current assets Current liabilities Dr 260 000 75 000 335 000 Cr 75 000 100 000 100 000 60 000 335 000 All the plant was purchased on 1 April 20X0. The accumulated depreciation balance at 31 March 20X3 was measured at 10% per annum on the straight line basis to a residual value of C10 000.

The following UP MANUFACTURERS TRIAL BALANCE AT 31 MARCH 20X4 trial balance of Up Manufacturers at 31 March 20X4: Plant: cost Plant: accumulated depreciation - 31/03/X3 Capital Retained profit Current assets Current liabilities Dr 260 000 75 000 335 000 Cr 75 000 100 000 100 000 60 000 335 000 All the plant was purchased on 1 April 20X0. The accumulated depreciation balance at 31 March 20X3 was measured at 10% per annum on the straight line basis to a residual value of C10 000.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 11SPB: DISPOSITION OF ASSETS: JOURNALIZING Mayer Delivery Co. had the following plant asset transactions...

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Concept explainers

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.

Topic Video

Question

Answer only A

Don't give answer in image format

Pal
The following
IS
UP MANUFACTURERS
TRIAL BALANCE
AT 31 MARCH 20X4
rised trial balance of Up Manufacturers at 31 March 20X4:
Plant: cost
Plant: accumulated depreciation - 31/03/X3
Capital
Retained profit
Current assets
Current liabilities
Dr
260 000
75 000
335 000
Cr
75 000
100 000
100 000
60 000
335 000
All the plant was purchased on 1 April 20X0. The accumulated depreciation balance at
31 March 20X3 was measured at 10% per annum on the straight line basis to a residual
value of C10 000.
At 31 March 20X4, the fair value of the plant was determined by independent appraisal to
be C176 000. As part of the same process, the residual value was re-estimated to be
C11 000, but the remaining useful life remained unchanged.
All adjusting and closing journal entries for the year ended 31 March 20X4 have been
processed except for those relating to the depreciation and the revaluation of the plant.
The profit for the year ended 31 March 20X4 was C55 000, before processing the
outstanding journals referred to above.
During the year ended 31 March 20X5, the business earned a profit, after processing
depreciation, of C34 000. The current assets at 31 March 20X5 amount to C105 000 and
the current liabilities amount to C28 500.
The business uses the revaluation model to measure its plant, and the revaluation surplus
is eliminated only when the revalued plant is disposed of. The business also chose to
eliminate any balance in the accumulated depreciation account on date of revaluation
against the cost account.
You are required to:
a. Provide the outstanding journal entry/entries for the year ended 31 March 20X4.
Closing entries are not required.
inment of comprehensive income and an extract from
ded 31 March 20X4.
March 20X5.

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