Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

kindly solve this question on EXCEL as soon as possible. Thank you in advance. i'll surely give u thumbs up. URGENT HELP REQUIRED a3. The

kindly solve this question on EXCEL as soon as possible. Thank you in advance. i'll surely give u thumbs up. URGENT HELP REQUIRED
image text in transcribed
a3. The following information is available for George: Cost Plant and equipment Motor vehicles E E 44,500 90,500 Accumulated depreciation at 12 June 2020 23.500 14.500 Carrying value 76,000 21,000 The above amounts have not been adjusted for the following items for the year to 31* May 2021: . An item of plant and equipment costing 10,000 with accumulated depreciation of 7,500 was sold during the year for 1,500. A motor vehicle costing 15,000 with accumulated depreciation of 12,300 was sold during the year for 5,000. An item of plant of equipment costing 16,400 was purchased during the year. Depreciation should be charged on plantand equipment at 20% straight line p... and motor vehicles at 25% reducing balance. George operates a depreciation policy where he has a full charge in the year of acquisition and nothing in the year of disposal. Required: a. ii. ii. Prepare the following ledger accounts for George for the year ended 31st May 2021, clearly showing the transfer to the statement of profit or loss. Dates are not required. i. Plant and equipment cost account (4 marks) Plant and equipment accumulated depreciation account (5 marks) Motor vehicle cost account (3 marks) iv. Motor vehicle accumulated depreciation account (6 marks) Depreciation expense account (2 marks) vi. Disposal account (5 marks) V

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Interpreting and Analyzing Financial Statements

Authors: Karen P. Schoenebeck, Mark P. Holtzman

6th edition

132746247, 978-0132746243

Students also viewed these Accounting questions