Prepare the journal entries during the period

Assignment Help Financial Accounting
Reference no: EM133026933

Question - In the 30 June 2020 Plant (at cost) 500,000 Accumulated Depreciation (150,000) 350,000 annual report of Sydney Ltd reported the following:

Plants are measured using the cost model, and depreciated on a straight-line basis over a 10-year period. At 30 June 2020, Plant was assessed to have a fair value of $360,000 with an expected useful life of 6 years. At 30 June 2021, Plant was assessed to have a fair value of $250,000.

Required - Prepare the journal entries during the period 30 June 2020 to 30 June 2021 in relation to the Plant.

Reference no: EM133026933

Questions Cloud

How should scrip dividend and related interest be recorded : The entity declared a dividend of P 1,000,000 on April 1, 2017, How should the scrip dividend and related interest be recorded
Legitimate and illegitimate purposes : Discuss how the chosen class, technique, or application has been used by Internet users for legitimate purposes - Discuss how the chosen class, technique
What is the after-tax weighted average cost of capital : A firm has a total value of $1 million, debt valued at $400,000 and no preference shares. What is the after-tax weighted average cost of capital
What was the gain or loss on the sale : Later in the year, depreciation was brought up to date by charging an additional $500 and the machine was sold for $2,000. What was the gain or loss on the sale
Prepare the journal entries during the period : At 30 June 2020, Plant was assessed to have a fair value of $360,000 with an expected useful life of 6 years. Prepare the journal entries during the period
Job identification section : The job identification section generally contains several categories of information. The position title specifies the title of the job, such as vice-president,
Experience with social media recruitment : Q1: What has been your experience with social media recruitment either as a recruiter or as a potential applicant?
What is the inventory-sales ratio for each : A firm sold 2000 tops and 1800 pants last quarter, and currently has inventory of 600 tops and 1100 pants. What is the inventory/sales ratio for each
How much will you need to save per quarter : That is, you will save for the next 17 years (Or should it be 18 years? Think about it), How much will you need to save per quarter

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!

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