Question
POSTING General Journal of Smith Ltd the two journal entries that have yet to be posted: Date General ledger account name affected by the transaction:
POSTING
General Journal of Smith Ltd the two journal entries that have yet to be posted: | |||
Date | General ledger account name affected by the transaction: | Dr | Cr |
29/3/19 | Dr Machinery | 450 000 |
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| Cr Loan payable |
| 450 000 |
| ( to record the purchase of machinery) |
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29/3/19 | Dr Cash | 50 000 |
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| Dr Accumulated depreciation - machinery | 470 400 |
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| Dr Loss on sale | 19 600 |
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| Cr Machinery |
| 540 000 |
| ( to record the sale of an item of machinery) |
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General Ledger of Smith Ltd:
Cash | ||||||
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| $ |
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| $ | |
01/3/19 | Opening balance | 245,000 | 29/3/19 | Accounts payable | 220,200 | |
29/3/19 | Accounts receivable | 300,980 |
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Machinery |
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| $ |
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| $ | ||
01/3/19 | Opening balance | 1,450,000 |
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Accumulated depreciation - Machinery |
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| $ |
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| $ | ||
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| 01/3/19 | Opening balance | 680,000 | ||
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| 29/3/19 | Depn expense | 63,000 | ||
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Loan payable | ||||||
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| $ |
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| $ | |
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Gain/Loss on sale of machinery | ||||||
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| $ |
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| $ | |
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The balances, of the above GL accounts, to be included in the SFP, as at 31/3/19, would be: |
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