Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answer
Answer:
Journal Entries for the year 2015-16 and 2016-17:-
In the Books of ChiHerbal Ltd. | ||||
|
Journal Entry | ||||
|
Dr. |
Cr. | |||
|
Date |
Particulars |
Amount |
Amount | |
|
|
|
|
($) |
($) |
|
1/8/2015 |
Motor Vehicle 1 A/c. |
Dr. |
126000 |
|
|
|
Repairs & Maintenance A/c. |
Dr. |
1250 |
|
|
|
To, |
Cash A/c. |
|
127250 |
|
|
(Being a second-hand motor vehicle purchased and its engine repaired in cash) |
|
| |
|
30/10/2015 |
Equipment A/c. |
Dr. |
34000 |
|
|
|
To, |
Cash A/c. |
|
34000 |
|
|
(Being an equipment purchased in cash) |
|
| |
|
31/12/2015 |
Repairs & Maintenance A/c. |
Dr. |
900 |
|
|
|
To, |
Cash A/c. |
|
900 |
|
|
(Being transmission of MV1 repaired and oil changed) |
|
| |
|
30/06/2016 |
Depreciation on MV1 A/c. |
Dr. |
19800 |
|
|
|
To |
Accumulated Depreciation-MV1 A/c. |
|
19800 |
|
|
(Being depreciation charged on MV1) |
|
| |
|
30/06/2016 |
Depreciation on Equipment A/c. |
Dr. |
2183 |
|
|
|
To |
Accumulated Depreciation-Equipment A/c. |
|
2183 |
|
|
(Being depreciation charged on equipment) |
|
| |
|
30/06/2016 |
Income Statement A/c. |
Dr. |
24133 |
|
|
|
To |
Depreciation on MV1 A/c. |
|
19800 |
|
|
To |
Depreciation on Equipment A/c. |
|
2183 |
|
|
To |
Repairs & Maintenance A/c. |
|
2150 |
|
|
(Being depreciation on MV1 & equipment and Repairs & Maintenance transferred to Income Statement) |
|
| |
|
13/07/2016 |
Repairs & Maintenance A/c. |
Dr. |
340 |
|
|
|
To, |
Cash A/c. |
|
340 |
|
|
(Being damaged bumper of MV1 repaired) |
|
| |
|
1/12/2016 |
Depreciation on MV1 A/c. |
Dr. |
9000 |
|
|
|
To |
Accumulated Depreciation-MV1 A/c. |
|
9000 |
|
|
(Being depreciation charged on MV1) |
|
| |
|
1/12/2016 |
Motor Vehicle -2 A/c. |
Dr. |
272000 |
|
|
|
Accumulated Depreciation - MV 1 A/c. |
Dr. |
28800 |
|
|
|
To, |
Motor Vehicle-1 A/c. |
|
102000 |
|
|
To, |
Cash A/c. |
|
170000 |
|
|
To, |
Profit on Sale of Asset A/c. |
|
28800 |
|
|
(Being old motor vehicle exchanged with new motor vehicle, the balance cost of the new one paid in cash) |
|
| |
|
30/06/2017 |
Depreciation on MV2 A/c. |
Dr. |
19833 |
|
|
|
To |
Accumulated Depreciation-MV2 A/c. |
|
19833 |
|
|
(Being depreciation charged on MV2) |
|
| |
|
30/06/2017 |
Depreciation on Equipment A/c. |
Dr. |
3275 |
|
|
|
To |
Accumulated Depreciation-Equipment A/c. |
|
3275 |
|
|
(Being depreciation charged on equipment) |
|
| |
|
30/06/2017 |
Accumulated Depreciation-Equipment A/c. |
Dr. |
5458 |
|
|
|
To |
Equipment A/c. |
|
3338 |
|
|
To |
Revaluation Surplus A/c. |
|
2120 |
|
|
(Being Equipment revalued at current fair value) |
|
| |
|
30/06/2017 |
Income Statement A/c. |
Dr. |
30328 |
|
|
|
Revaluation Surplus A/c. |
Dr. |
2120 |
|
|
|
To |
Depreciation on MV1 A/c. |
|
9000 |
|
|
To |
Depreciation on MV2 A/c. |
|
19833 |
|
|
To |
Depreciation on Equipment A/c. |
|
3275 |
|
|
To |
Repairs & Maintenance A/c. |
|
340 |
|
|
(Being depreciation on MV1,MV2 & Equipments, Repairs & Maintenance and revaluation surplus transferred to Income Statement) |
|
| |
|
|
|
|
| |
|
30/06/2017 |
Profit on Sale of Asset A/c. |
Dr. |
28800 |
|
|
|
To |
Capital Reserve A/c. |
|
28800 |
|
|
(Being depreciation charged on equipment) |
|
| |
Bibliography:-
Christensen, T. E., Baker, R. E., & Cottrell, D. M. (2014). Advanced Financial Accounting. The McGraw-Hill Companies, Inc
Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to concepts, methods and uses. Cengage Learning
Buy Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answers Online
Talk to our expert to get the help with Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answers from Assignment Hippo Experts to complete your assessment on time and boost your grades now
The main aim/motive of the finance assignment help services is to get connect with a greater number of students, and effectively help, and support them in getting completing their assignments the students also get find this a wonderful opportunity where they could effectively learn more about their topics, as the experts also have the best team members with them in which all the members effectively support each other to get complete their diploma assignment help Australia. They complete the assessments of the students in an appropriate manner and deliver them back to the students before the due date of the assignment so that the students could timely submit this, and can score higher marks. The experts of the assignment help services at www.assignmenthippo.com are so much skilled, capable, talented, and experienced in their field and use our best and free Citation Generator and cite your writing assignments, so, for this, they can effectively write the best economics assignment help services.
Get Online Support for Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answer Assignment Help Online
Want to order fresh copy of the Sample Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answers? online or do you need the old solutions for Sample Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answer, contact our customer support or talk to us to get the answers of it.
Assignment Help Australia
Want to order fresh copy of the Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answers? online or do you need the old solutions for Sample Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answer, contact our customer support or talk to us to get the answers of it.
