Assignment Detail

Tutors

Record general journal entries to account for the sale

    Assignment Instructions

    Assignment ID: FG133135446

    Question – On 30 November 2015 a finishing machine was sold. Its capital cost was $25,000 and accumulated depreciation was $13,000 at date of sale. Tip: Accumulated depreciation has been provided up to the date of sale. Thus no further depreciation is required to be recorded.

    The machine was sold on credit to Jake Strong for $14,300 (including GST) with the purchaser paying a $1,000 deposit.

    Balance date is 30 June 2016.

    Required –

    (a) Record General Journal entries to account for the sale of the finishing machine and post to the relevant ledger accounts.

    (b) Transfer the profit or loss on disposal to the Profit and Loss account at 30 June.

    Need fresh solution to this Assignment without plagiarism?? Get Quote Now

    Expert Answer

    Asked by: Anonymous
    Plagiarism Checked
    Answer Rating:
    4.6/5

    Plagiarism free Answer files are strictly restricted for download to the student who originally posted this question.

    Related Assignments

    //
    Our customer support team is here to answer your questions. You can send Assignments directly to support team.
    👋 Hi, how can I help?