Jupiter Company has a year end of 30 November and purchased a piece of equipment on 1 August 2014, incurring the following costs List price of machine including import duties of BHD 50 BHD 12,820 Trade discount (10 of list price) Delivery costs 80 Installation and assembly costs 100 Professional fees 60 The equipment was expected to have a useful life of 10 years and a residual value of BHD1,000 Jupiter's accounting policy is to charge a full year's depreciation in the year of acquisition and no depreciation in the year of retirement of the asset (or the year of sale) Jupiter has a policy of keeping all equipment at revalued amounts No revaluations had been necessary until 30 November 2017 when one of the major vendors of such equipment went bankrupt causing a rise in prices A specific market value for Jupiter's machine was not available, but equivalent equipment would now cost BHD16,400 (including relevant disbursements) Jupiter treats revaluation surpluses as being realised through use of the asset and transfers them to retained earnings over the life of the asset The remaining useful life and residual value of the machine remained the same Required Prepare the extracts of financial statements related to the above transactions for the vears ended 30 November 2017 and 30 November 2018 (show all your workings) (a) Jupiter Company has a year end of 30 November and purchased a piece of equipment on 1 August 2014, incurring the following costs BHD 12,820 List price of machine including import duties of BHD 50 Trade discount (10 of list price) Delivery costs Installation and assembly costs Professional fees 80 100 60 The equipment was expected to have a useful life of 10 years and a residual value of BHD1,000 Jupiter's accounting policy is to charge a full year's depreciation in the year of acquisition and no depreciation in the year of retirement of the asset (or the year of sale) Jupiter has a policy of keeping all equipment at revalued amounts No revaluations had been necessary until 30 November 2017 when one of the major vendors of such equipment went bankrupt causing a rise in prices A specific market value for Jupiter's machine was not available, but equivalent equipment would now cost BHD16,400 (including relevant disbursements) Jupiter treats revaluation surpluses as being realised through use of the asset and transfers them to retained earnings over the life of the asset The remaining useful life and residual value of the machine remained the same Required Prepare the extracts of financial statements related to the above transactions for the years ended 30 November 2017 and 30 November 2018 (show all your workings)

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Jupiter Company has a year end of 30 November and purchased a piece of equipment on 1 August 2014, incurring the following costs: List price

Jupiter Company has a year end of 30 November and purchased a piece of equipment on 1 August 2014, incurring the following costs:

List price of machine including import duties of BHD 50 BHD 12,820

Trade discount (10% of list price)

Delivery costs 80

Installation and assembly costs 100

Professional fees 60

The equipment was expected to have a useful life of 10 years and a residual value of BHD1,000. Jupiter's accounting policy is to charge a full year's depreciation in the year of acquisition and no depreciation in the year of retirement of the asset (or the year of sale). Jupiter has a policy of keeping all equipment at revalued amounts. No revaluations had been necessary until 30 November 2017 when one of the major vendors of such equipment went bankrupt causing a rise in prices. A specific market value for Jupiter's machine was not available, but equivalent equipment would now cost BHD16,400 (including relevant disbursements). Jupiter treats revaluation surpluses as being realised through use of the asset and transfers them to retained earnings over the life of the asset. The remaining useful life and residual value of the machine remained the same.

Required: Prepare the extracts of financial statements related to the above transactions for the vears ended 30 November 2017 and 30 November 2018. (show all your workings)

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(a) Jupiter Company has a year end of 30 November and purchased a piece of equipment on 1 August 2014, incurring the following costs: BHD 12,820 List price of machine including import duties of BHD 50 Trade discount (10% of list price) Delivery costs Installation and assembly costs Professional fees 80 100 60 The equipment was expected to have a useful life of 10 years and a residual value of BHD1,000. Jupiter's accounting policy is to charge a full year's depreciation in the year of acquisition and no depreciation in the year of retirement of the asset (or the year of sale). Jupiter has a policy of keeping all equipment at revalued amounts. No revaluations had been necessary until 30 November 2017 when one of the major vendors of such equipment went bankrupt causing a rise in prices. A specific market value for Jupiter's machine was not available, but equivalent equipment would now cost BHD16,400 (including relevant disbursements). Jupiter treats revaluation surpluses as being realised through use of the asset and transfers them to retained earnings over the life of the asset. The remaining useful life and residual value of the machine remained the same. Required: Prepare the extracts of financial statements related to the above transactions for the years ended 30 November 2017 and 30 November 2018. (show all your workings)