On 1 April 2021, Silk Route Consultants acquired a new computer system from Gigabyte Systems, serial number 1380ARR796. The purchase order was 000935 and the payment was made by bank transfer. The cost of each item (including GST) is listed below:

PC, tower and monitor	$2,981
HP laser printer	$682
External hard drive 160 GB	$231
Microsoft Office 365	$880
MYOB Business AccountRight Plus	$594
Installation of software	$528
Annual MYOB cover support plan	$297

Note that the estimated useful life for the PC, tower, monitor, printer and external hard drive is 4years.

- Company procedures in relation to asset are as follows:

- All payments of over $300 are to be capitalised. Amounts below $300 should be expensed.

- The depreciation method and rate to be used is: diminishing value method at 40%.

- The format given in this assessment task is to be used for the Asset Register.

(need help with all empty blank)

***Use the table below to document the capital cost of each item and to calculate the overall capital cost.

Item	Type of cost	Price paid $	GST $	Capital cost $
Total capital cost

***Based on this information provided, enter the information provided into the asset register using the format required.

Description
Asset ID
Supplier
Depreciation method and rate
Estimated useful life
Date	Details	Original capital cost $	Total capital cost $	Depreciation	Written down value $
Annual $	Accumulated $
Repairs, maintenance and other information
Date	Service provider	Details of work provided	Cost $
Disposal details
Date	Details of disposal	Cost $

Further purchases have been made by the company three months later. Computers with a capitalised cost of $8,800 (including GST) were purchased on 1 July 2021. Depreciation will be calculated as per the business's policy and it is expected that these assets will also have a life expectancy of four years.

***Use the tables below to calculate the depreciation over four years as per the information above.

Year	Capital cost	Annual depreciation	Accumulated depreciation	Written-down value
1
2
3
4

***Assume you now have to record depreciation in the asset register for the years ended 30 June 2021 and 30 June 2022, calculate and record depreciation charges on the asset register card. Show calculations using the table below and then enter it into the asset register.

Description
Asset ID
Supplier
Depreciation method and rate
Estimated useful life
Date	Details	Original capital cost $	Total capital cost $	Depreciation	Written down value $
Annual $	Accumulated $
Repairs, maintenance and other information
Date	Service provider	Details of work provided	Cost $
Disposal details
Date	Details of disposal	Cost $

***In the general journal, record the depreciation expenses for each year as follows using the format below.

General journal
Date	Particulars	Debit $	Credit $

***Post the journal entries to the general ledger for:

• Depreciation expense - computers
• Accumulated depreciation - computers

General ledger
Date	Particulars	Debit $	Credit $	Balance $

***At the end of each year, an extract of the statement of financial position for the asset

Silk Route Consultants Extracts of statement of financial positions
As at	30 June 2021	30 June 2022
	$	$
Non-current assets
Computer system
less Accumulated depreciation
Written-down value

Silk Route Consultants has performed a range of repairs and maintenance on its computer system to keep it running smoothly and efficiently.

Repairs and maintenance information is as follows:

Date	Particulars	Service provider	Price inc. GST $
20/04/21	Replacement of faulty keyboard	Cyber Systems	No charge
11/07/21	Clean and service	Cyber Systems	198
31/10/21	Replace system battery	IT Computing	165
09/03/22	Clean and service	IT Computing	176
15/06/22	Internet connection faulty	IT Computing	99

***Record the repairs and maintenance in the asset register card.

Description
Asset ID
Supplier
Depreciation method and rate
Estimated useful life
Date	Details	Original capital cost $	Total capital cost $	Depreciation	Written down value $
Annual $	Accumulated $
Repairs, maintenance and other information
Date	Service provider	Details of work provided	Cost $
Disposal details
Date	Details of disposal	Cost $

The computer system was sold by Silk Route Consultants on 1 April 2023 to Lynette Kirby for $1,100 (including GST). Payment was made in cash (receipt number 2908) on 1 April 2023.

***Update asset register card to record the depreciation to 1 April 2023 and the disposal of the computer system.

Description
Asset ID
Supplier
Depreciation method and rate
Estimated useful life
Date	Details	Original capital cost $	Total capital cost $	Depreciation	Written down value $
Annual $	Accumulated $
Date	Service provider	Details of work provided	Cost $
Disposal details
Date	Details of disposal	Cost $

***Prepare the general journal entries required for the disposal of the asset.

General journal
Date	Particulars	Debit $	Credit $

***Record the payment received into the cash receipts journal using format below:

Cash receipts journal
Date	Particulars	Rec. no.	Debtors $	Cash sales $	Sundries $	GST payable $	Bank $

***Finally, post the general journal and cash receipts journal entries required for the disposal of the asset to the appropriate general ledger accounts.

General ledger
Date	Particulars	Debit $	Credit $	Balance $
Computer system
Accumulated depreciation - computer system
Depreciation expense - computer system
Disposal of computer system
Profit/loss on disposal of computer system
Bank
GST payable