User Account

All Pages

Calculate the depreciable amount of the digging machine

Assignment Help Financial Accounting
Reference no: EM132914168

Pleasure (Pty) Ltd has a year-end of 30 September. On 1 June 2011, the business purchased a digging machine for R2 300 000. It was reliably estimated that the machine had a residual value of R540 000 and is expected to be used evenly over a period of 5 years. The digging machine was ready for use on 30 June 2011 after safety and licensing costs totalling R18 600 had been incurred.

On 1 March 2013, Pools for Pleasure (Pty) Ltd sold the digging machine for R1 700 000 cash.

Problem 1. Calculate the depreciable amount of the digging machine on 30 September 2011.

Problem 2. Calculate the opening balance on the accumulated depreciation: PPE: Machinery general ledger account on 1 October 2012.

Problem 3. Prepare the asset disposal account as it would appear in the general ledger of Pools for Pleasure (Pty) Ltd for the year ended 30 September 2013.

Problem 4. Discuss any THREE types of taxes and their implications to businesses.

Reference no: EM132914168

Questions Cloud

What should be the percentage price change of the bond : If the yield to maturity changes to 10 percent, what should be the percentage price change of the bond
If you talk to man in language he understands : Nelson Mandela once wrote, "If you talk to a man in a language he understands, that goes to his head. If you talk to him in his language, that goes to his heart
At what price would you expect this bond : If interest rates remain unchanged, at what price would you expect this bond to be selling eight years from now? Ten years from now
Control return to play : Do you believe your governing bodies that control "return to play" have provided good or bad communication regarding covid protocols for you to be successful
Calculate the depreciable amount of the digging machine : Prepare the asset disposal account as it would appear in the general ledger of Pools for Pleasure (Pty) Ltd for the year ended 30 September 2013
About education and first amendment rights : Summarize an article about education and first amendment rights, looking specifically for cases or scenarios involving religious rights.
What is portfolio beta and what is expected return : If we invest 1/2 of our money in the first asset and 1/2 of our money in the second, what is our portfolio beta and what is its expected return?
Personal life-professional life : Moving forward, how will you apply what you have learned in this course? Are there things you can apply to your personal life?
Create a list of customers and prove the agreement : Create a list of customers/debtors and prove the agreement of the controlling account with the subsidiary ledger as at 30 September 2017.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd