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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 127 Bent Street Invoice Tarrawana NSW 2999  DATE: 31/2/X3 ABN: 61 432 765 890  RECEIPT # R450023  Invoice to: Customer No: BLF001 Bradfields Landing Fresh Foods 97 Prince Highway Bradfield Landing NSW 2531  DESCRIPTION Quantity RATE AMOUNT Make Bromic, Model JB1961 Cool Room - Serial number 887JNB8965 & 9662 8,780.00 17,560.00 - Deliver - Installation 2 2 120.00 385.00 240.00 770.00  SUBTOTAL 18,570.00   10% GST 1,857.00  TOTAL $20,427.00  THANK YOU FOR YOUR BUSINESS! Task 1: Preparing an Asset Register CardUsing the Asset Register Card in tab titled Part 2 Task 1 Asset Register found in Excel spreadsheet FNSACC421_AE_Sk2of2_Appx_ExcelTemplates.xlsx, fill in the details for the purchase of the Bromic Cool room, serial number 887JNB8965 only as detailed in the invoice above. It should be noted the Cool rooms where no commissioned until 31/3/20x3.Bradfields 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: REF2262 and REF2263 Class/Category: Plant and Equipment Residual value $0.00 Condition: New Expected useful life: 8 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 1 Bromic Cool room.Task 2: 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 20%. Depreciation calculations and charges will be entered on the Asset Register Card found below.On the Asset Register Card you filled in Part 2 Task 1, 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 30th June 20x3. Calculate the depreciation charge for the financial year ended 30th June 20x4. Calculate the depreciation charge for the financial year ended 30th June 20x5.To complete this task successfully, the student must submit: a completed Asset Register Card with depreciation charges for the year ended:o 20x320x420x520X6.Task 3: Depreciation General JournalFill out the template General Journal in tab titled Part 2 Task 3 General Journal found in FNSACC421_AE_Sk2of2_Appx_ExcelTemplates.xlsx by recording the journal entries for the depreciation charge for: 20X3 20X4.To complete this task successfully, the student must submit: a completed General Journal for:o 20x320X4.ScenarioOn 31 October 20X6, the Bromic cool room (asset number REF2262) was sold. The details of the sale are: sale proceeds $2,750.00 plus GST for a total of $3,025.00 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 4: Disposal of non-current assetsUsing your Asset Register Card from Part 2 Task 2, complete the following: Refer to the ABAFS policy and procedures for disposal of assets to find which account the loss/profit needs to be posted to. 

Calculate the depreciation charge for the financial year ended 30 June 20X6. 

Calculate the gain or loss on the sale of the cool room In your General Journal from Part 2 Task 3, 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 20X7 a completed General Journal for 20X7.
  

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