Mr A is the owner of All Stars General Dealer Below is the asset register of All Stars General Dealer ASSET CATEGORY COST PRICE DATE PURCHASED DEP METHOD RATE OF DEPRECIATION Photocopier Equipment 5000 1 March 2017 Straight line 10% Machine Machinery 20000 30 Sept 2018 Diminishing Balance 20% Hilux Bakkie Vehicle 200000 1 December 2019 Diminishing Balance 25% Furniture Furniture 80000 1 July 2016 Straight line 33.33% Required: The depreciation for all fixed assets for the year ending 31 March 2021 Journalise the depreciation at 31 March 2021 Draw up and balance the following ledger accounts as at 31 March 2021: Equipment Vehicles Furniture Calculate the carrying value of all assets as at 31 March 2021
Mr A is the owner of All Stars General Dealer Below is the asset register of All Stars General Dealer ASSET CATEGORY COST PRICE DATE PURCHASED DEP METHOD RATE OF DEPRECIATION Photocopier Equipment 5000 1 March 2017 Straight line 10% Machine Machinery 20000 30 Sept 2018 Diminishing Balance 20% Hilux Bakkie Vehicle 200000 1 December 2019 Diminishing Balance 25% Furniture Furniture 80000 1 July 2016 Straight line 33.33% Required: The depreciation for all fixed assets for the year ending 31 March 2021 Journalise the depreciation at 31 March 2021 Draw up and balance the following ledger accounts as at 31 March 2021: Equipment Vehicles Furniture Calculate the carrying value of all assets as at 31 March 2021
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter8: Operating Assets: Property, Plant, And Equipment, And Intangibles
Section: Chapter Questions
Problem 8.6E
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Question
Mr A is the owner of All Stars General Dealer
Below is the asset register of All Stars General Dealer
|
ASSET |
CATEGORY |
COST PRICE |
DATE PURCHASED |
DEP METHOD |
RATE OF |
|
Photocopier |
Equipment |
5000 |
1 March 2017 |
Straight line |
10% |
|
Machine |
Machinery |
20000 |
30 Sept 2018 |
Diminishing Balance |
20% |
|
Hilux Bakkie |
Vehicle |
200000 |
1 December 2019 |
Diminishing Balance |
25% |
|
Furniture |
Furniture |
80000 |
1 July 2016 |
Straight line |
33.33% |
Required:
- The depreciation for all fixed assets for the year ending 31 March 2021
- Journalise the depreciation at 31 March 2021
- Draw up and balance the following ledger accounts as at 31 March 2021:
- Equipment
- Vehicles
- Furniture
- Calculate the carrying value of all assets as at 31 March 2021
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