Make all the journal entries that hl should make

Assignment Help Accounting Basics
Reference no: EM133160476

Question - Hamilton Limited ("HL") has Hong Kong Dollar ("HKtiny_mce_markerquot;) as the functional currency and presentation currency.

On 1 January 2021, HL entered into a contract to acquire a computer server from an Australia supplier at a consideration of AUD30 million. 20% deposit was paid on 1 February 2021. HL received the computer server on 1 April 2021.

On 1 September 2021, HL settled 50% of the total cost, i.e. AUD15m. The balance 30% of the purchase cost remained outstanding at year ended on 31 December 2021.

Depreciation is provided to write off the cost of the computer server over 5 years using the straight-line method.

Exchange rates of AUD1 at the dates below were:

1 January 2021 HK$6.8

1 February 2021 HK$6.7

1 April 2021 HK$7.1

1 September 2021 HK$6.9

31 December 2021 HK$7.2

Required - Make all the journal entries that HL should make for the year ended 31 December 2021.

Reference no: EM133160476

Questions Cloud

Potential value of existing customers : Discuss the best ways in which two of the organizations below can measure the actual and the potential value of its existing customers:
How much will wind recognize as estimated liability : How much will WIND recognize as estimated liability for damages on its December 31, 2022 statement of financial position
How has technology influenced hr laws over the past 10 years : How has technology influenced HR laws over the past 10 years? What technologies are in use that organizations use to assist in making their HR practices more ef
Difference between equal opportunity-affirmative action : What is the difference between equal opportunity, affirmative action, and managing diversity? Have these programs been successful?
Make all the journal entries that hl should make : The balance 30% of the purchase cost remained outstanding at year ended on 31 December 2021. Make all the journal entries that HL should make
Claim of age discrimination : When he was 54 years old, Carter was hired as a disc jockey by Warren. Two years later, during economic hard times for Warren's business, Carter is laid off by
One illustrating affective component : One illustrating the affective component and the other illustrating the cognitive component. Discus each ad in the context of the tri-component model.
Hyundai Electric Vehicle IONIQ : Compare and contrast the old way vs the new way of promoting your product and discuss what the biggest difference is.
Marketing performance measurement system : Discuss how to develop a marketing performance measurement system. Consumers' Paradoxical Relationships with Technology.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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