Plant and equipment was purchased on credit on 1 September 2021 for $85 415 ($77 650 +

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Plant and equipment was purchased on credit on 1 September 2021 for $85 415 ($77 650 + $7765 GST).

Installation was finalised and commissioned on 31 October 2021 at a cost of $18 821 ($17 110 + $1711 GST).

Residual value was estimated at $4400 ($4000 + $400 GST). Depreciation is to be based on the diminishing balance method at a rate of 30% p.a.

Prepare:

a a time line to 30 June 2023 b a depreciation worksheet to 30 June 2026 c relevant extract general ledger accounts to 30 June 2024, and d extract balance sheets for 30 June 2024 and 30 June 2025.

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Accounting An Introduction To Principles And Practice

ISBN: 9780170403832

9th Edition

Authors: Edward A. Clarke, Michael Wilson

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Question Posted: Feb 23, 2024 03:00 PM

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Plant and equipment was purchased on credit on 1 September 2021 for $85 415 ($77 650 +

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Accounting An Introduction To Principles And Practice

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