Scribd Logo
Upload

Welcome to Scribd!

  • 10 views

    Hra 11J1919

    Uploaded by

    إسماعيل البلوشي
    1) The document summarizes the depreciation of various assets over multiple years using different depreciation methods. It shows the annual depreciation expense, accumulated depreciation, and reducing book value of vehicles, buildings, and machinery. 2) The second part lists various journal entries recording transactions related to accounts receivable, notes receivable, sales, cash receipts, and interest income. Debits and credits are provided for entries involving the collection of accounts and notes receivable through cash receipt and offsetting of receivables.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Hra 11J1919

    Uploaded by

    إسماعيل البلوشي
    10 views5 pages
    1) The document summarizes the depreciation of various assets over multiple years using different depreciation methods. It shows the annual depreciation expense, accumulated depreciation, and reducing book value of vehicles, buildings, and machinery. 2) The second part lists various journal entries recording transactions related to accounts receivable, notes receivable, sales, cash receipts, and interest income. Debits and credits are provided for entries involving the collection of accounts and notes receivable through cash receipt and offsetting of receivables.

    Original Title

    HRA 11J1919

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    1) The document summarizes the depreciation of various assets over multiple years using different depreciation methods. It shows the annual depreciation expense, accumulated depreciation, and reducing book value of vehicles, buildings, and machinery. 2) The second part lists various journal entries recording transactions related to accounts receivable, notes receivable, sales, cash receipts, and interest income. Debits and credits are provided for entries involving the collection of accounts and notes receivable through cash receipt and offsetting of receivables.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    10 views5 pages

    Hra 11J1919

    Uploaded by

    إسماعيل البلوشي
    1) The document summarizes the depreciation of various assets over multiple years using different depreciation methods. It shows the annual depreciation expense, accumulated depreciation, and reducing book value of vehicles, buildings, and machinery. 2) The second part lists various journal entries recording transactions related to accounts receivable, notes receivable, sales, cash receipts, and interest income. Debits and credits are provided for entries involving the collection of accounts and notes receivable through cash receipt and offsetting of receivables.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Q1:

    A. Vehicles for five years under Straight Line Method

    Production cost + instillation =67500+12500=80000

    Depreciation = cost – salvage value /5

    80000-20000/5

    Annual depreciation =12000

    First year = 12000*8/12=8000

    Year- Year-
    beginnin Depreciation Accumulated end
     
    g book expense depreciation book
    value value
      RO RO RO RO
    Cost     80000
    Year 80000 8000 8000 72000
    1 72000 12000 20000 60000
    2 60000 12000 32000 48000
    3 48000 12000 44000 36000
    4 36000 12000 56000 24000
    12000*4/12
    24000 60000 20000
    4000
    B. Building for five years under straight line method

    95000/5=19000

    19000*7/12=11083

    Year- Accumulat
    Year-end
    beginnin Depreciation ed
      book
    g book expense depreciati
    value
    value on
      RO RO RO RO
    Cost 95000
    Year 95000 11083 11083 83917
    1 83917 19000 30083 64917
    2 64917 19000 49083 54917
    3 45917 19000 68083 26917
    4 26917 19000 87083 7917
    19000*5/12
    7917 95000 0
    7917
    C. Machinery for Four years under Reducing balance method

    Year-beginning Depreciation rate Depreciation Accumulated Year-end value of


    Year book value Expense (Income statement) Depreciation Asset
    (Balance sheet)

    1September 45000
    2016

    31dec 2016 45000 20% 9000*4/12= 3000 3000 42000


    4 months
    2017 42000 20% 8400 11400 33600

    2018 33600 20% 6720 18120 26880

    2019 26880 20% 5376 23496 21504

    2020 21504 20% 21504-3000= 18504 42000 3000


    8month

    Q2:
    Date Particulars Debit Credit

    Jan 5 Dr. Account receivable -ABC 20000

    Cr. sales revenue 20000

    20 Jan Dr. Note receivable -ABC 20000

    Cr. Account receivable 20000

    Feb 18 8000

    DR.NOTE RCIVABLE

    CR.SALES REVENUE 8000

    April 20 Dr. cash 20039

    Cr. Note receivable –ABC 20000

    Cr. interest income 39.45

    30 April Dr. cash 25739

    Note receivable –QAQ Cr 25000

    Cr. interest income 739.726

    25 May Dr Note receivable -HEL 6000

    Cr Account receivable 6000

    18 Aug Dr. cash 8375

    Cr .Note receivable –SALM 8000

    Cr. interest income 375

    Aug 25 Dr. account receivable -HEL 6105

    Cr. Note receivable 6000

    Cr. interest income 105.86

    1 Sept Dr. Account receivable -STAN 12000


    Cr. sales revenue 12000

    Dr. Note receivable -STAN 12000 12000

    Cr. Account receivable

    ZAHRA ALBALUSHI

    11J1919854

    You might also like