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Bradfields Landing Fresh Food has purchased a new Bromic cool room for its warehouse.The invoice is shown below. Tarrawana Refrigeration Supplies 1 2 7 Bent
Bradfields Landing Fresh Food has purchased a new Bromic cool room for its warehouse.The invoice is shown below. Tarrawana Refrigeration Supplies Bent Street Invoice Tarrawana NSW DATE: X ABN: RECEIPT # R Invoice to: Customer No: BLF Bradfields Landing Fresh Foods Prince Highway Bradfield Landing NSW DESCRIPTION Quantity RATE AMOUNT Make Bromic, Model JB Cool Room Serial number JNB & Deliver Installation SUBTOTAL GST TOTAL $ THANK YOU FOR YOUR BUSINESS! Task : Preparing an Asset Register CardUsing the Asset Register Card in tab titled Part Task Asset Register found in Excel spreadsheet FNSACCAESkofAppxExcelTemplates.xlsx fill in the details for the purchase of the Bromic Cool room, serial number JNB only as detailed in the invoice above. It should be noted the Cool rooms where no commissioned until xBradfields Landing Fresh Food do not have a set of organisational policies and procedures but adopt those of ABAFS. The cool room was purchased on credit.Information that is not found on the invoice that you need to enter is: Asset Numbers: REF and REF ClassCategory: Plant and Equipment Residual value $ Condition: New Expected useful life: years Method of calculating depreciation: Diminishing value. To complete this task successfully, the student must submit: a completed copy of the Asset Register Card for Bromic Cool room.Task : Depreciation Asset Register CardYou are now required to calculate the depreciation of the asset over time. Depreciation is to be calculated using the diminishing value method. The depreciation rate is Depreciation calculations and charges will be entered on the Asset Register Card found below.On the Asset Register Card you filled in Part Task enter formulae on the asset register card to calculate the depreciation charge for the cool room: Calculate the depreciation charge for the financial year ended th June x Calculate the depreciation charge for the financial year ended th June x Calculate the depreciation charge for the financial year ended th June xTo complete this task successfully, the student must submit: a completed Asset Register Card with depreciation charges for the year ended:o xo xo xo XTask : Depreciation General JournalFill out the template General Journal in tab titled Part Task General Journal found in FNSACCAESkofAppxExcelTemplates.xlsx by recording the journal entries for the depreciation charge for: XXTo complete this task successfully, the student must submit: a completed General Journal for:o xo XScenarioOn October X the Bromic cool room asset number REF was sold. The details of the sale are: sale proceeds $ plus GST for a total of $ sale proceeds were transferred to the bank account vis electronic funds transfer sold to The Big Orange Fruit Wholesalers the cool room was collected by Big Orange, and no costs were incurred for delivery or disassembly.Task : Disposal of noncurrent assetsUsing your Asset Register Card from Part Task complete the following: Refer to the ABAFS policy and procedures for disposal of assets to find which account the lossprofit needs to be posted to
Calculate the depreciation charge for the financial year ended June X
Calculate the gain or loss on the sale of the cool room In your General Journal from Part Task prepare the journal entries to record the sale of the cool room including: The depreciation charge until time of saleo The proceeds of the sale of the cool roomo Updating of the asset and accumulated depreciation accounts in the general ledgero Recording the gain or loss on sale of the cool room.To complete this task successfully, the student must submit: a completed Asset Register Card for X a completed General Journal for X
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