Using the information from your worksheet above, prepare appropriate journal entries to record the sale of the computers on 28 February 2021 for $19,800 cash (inclusive of GST). Please check your textbook to provide the correct procedure of the journal entries for disposal. Answer: Date General Journal Particulars Debit Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Asset Cost:
Less: Residual Value
Depreciable Amount
Depreciation
method
Depreciation p.a:
Date
30/06/2018
30/06/2019
30/06/2020
Computers Depreciation Worksheet - Snow Lake Pty Ltd
$66,000
$ N/A
$66,000
Reducing Balance
(Diminishing Balance)
30%
Asset Cost
$66,000
46,200
32,340
Depreciation
$19,800
13,860
9,702
Accumulated
Depreciation
$19,800
33,660
43,362
Carrying Amount at
the end
$46,200
32,340
22,638
20
2014
2015
14200
1444
Transcribed Image Text:Asset Cost: Less: Residual Value Depreciable Amount Depreciation method Depreciation p.a: Date 30/06/2018 30/06/2019 30/06/2020 Computers Depreciation Worksheet - Snow Lake Pty Ltd $66,000 $ N/A $66,000 Reducing Balance (Diminishing Balance) 30% Asset Cost $66,000 46,200 32,340 Depreciation $19,800 13,860 9,702 Accumulated Depreciation $19,800 33,660 43,362 Carrying Amount at the end $46,200 32,340 22,638 20 2014 2015 14200 1444
Using the information from your worksheet above, prepare appropriate journal entries to record the sale of
the computers on 28 February 2021 for $19,800 cash (inclusive of GST). Please check your textbook to
provide the correct procedure of the journal entries for disposal.
Answer:
Date
General Journal
Particulars
I
Debit
Credit
Transcribed Image Text:Using the information from your worksheet above, prepare appropriate journal entries to record the sale of the computers on 28 February 2021 for $19,800 cash (inclusive of GST). Please check your textbook to provide the correct procedure of the journal entries for disposal. Answer: Date General Journal Particulars I Debit Credit
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