Question
The motor value vaule is $52500. How to record this depreciation as one month in the Journal? Please choose following accounts to record in Journal.
The motor value vaule is $52500. How to record this depreciation as one month in the Journal?
Please choose following accounts to record in Journal.
416 - Depreciation
418 - Bad and Doubtful Debts
420 - Entertainment
425 - Freight & Courier
429 - Equipment Hire
433 - Insurance
437 - Interest Expense
441 - Legal expenses
445 - Light, Power, Heating
449 - Motor Vehicle Expenses
453 - Office Expenses
461 - Printing & Stationery
469 - Rent
473 - Repairs and Maintenance
477 - Wages and Salaries
478 - Superannuation
485 - Subscriptions
489 - Telephone & Internet
493 - Travel - National
494 - Travel - International
496 - Low Value Tools & Equipment
499 - Realised Currency Gains
500 - Distributions to Partners
505 - Income Tax Expense
510 - Loss on Disposal of Assets
Assets
620 - Prepayments
635 - Allowance for Doubtful Debts
640 - Stock on Hand
710 - Plumbing Equipment
711 - Less Accumulated Depreciation on Plumbing Equipment
720 - Computer Equipment
721 - Less Accumulated Depreciation on Computer Equipment
730 - Motor Vehicles
731 - Less Accumulated Depreciation on Motor Vehicles
740 - Capital Gain on Disposal of Assets
Liabilities
805 - Accrued Expenses
810 - Contra Clearing Account
820 - GST
830 - Income Tax Payable
840 - Historical Adjustment
850 - Suspense
860 - Rounding
Motor Vehicle Depreciation Journal Useful life: 5 years Scrap value: 1675.98 Record a manual journal: 1. Narration: Motor Vehicle Depreciation 2. Date: 2020-07-31 3. Auto Reversing: Leave blank 4. Tick 'Default narration to journal line description' 5. Untick 'Show journal on cash basis reports' 6. Amounts are No Tax 7. For marking purposes, please make sure your manual journal narration is: Motor Vehicle Dep 8. First line: Consider which account is debited 9. Second Line: Consider which account is credited
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