Over a 5year period, Downton Ltd completed the following transactions affecting noncurrent assets in financial years ending

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Over a 5‐year period, Downton Ltd completed the following transactions affecting non‐current assets in financial years ending 31 December. The company uses straight‐line depreciation on all depreciable assets and records depreciation to the nearest month. Ignore GST.

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(a) Prepare general journal entries to record all the transactions of Downton Ltd.

(b) Prepare a schedule showing the cost and accumulated depreciation of each asset after recording depreciation on 31 December 2023.

(c) Post the journal entries in requirement (a) to the appropriate non‐current asset accounts from 3 January 2019 to 31 December 2023.

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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