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accounting 28th edition

Accounting An Introduction To Principles And Practice 9th Edition Edward A. Clarke, Michael Wilson - Solutions

Account balances for C Pappinbarra as at 31 March 2022 are listed in figure 11.4. You are required to:a enter the account or statement and group abbreviations, and b allocate the account balances to either debit or credit in the trial balance and balance it. A/c or Stmt Group Trial Balance of C
The trial balance for Waugh Hope and Co has problems (figure 11.5). You are required to:a enter the account or statement and group abbreviations b allocate the account balances in the trial balance to correct the debit or credit account allocation where necessary and balance it. A/c or Stmt Group
From the following balance day adjustments for C Parrabel, complete the table in figure 11.7 showing the general ledger accounts affected and the account or statement and group abbreviations to which each general ledger account relates. The processing of balance day adjustments is for:1 inventory
From the following balance day adjustments for B Kunderang, complete the table in figure 11.9 showing the general ledger accounts affected, and the account or statement and group to which each general ledger account relates.The following balance day adjustments are to be processed.1 Physical
From the following balance day adjustments for C Dungay, complete the table in figure 11.10, showing the general ledger accounts affected and the account or statement and group to which each general ledger account relates.The following balance day adjustments are to be processed.1 Closing periodic
The account balances for Myrtle Scrub are listed in a trial balance for the year to 30 June 2022 and the balance day adjustments are also shown (figure 11.13). Myrtle asks you to enter:a balance day adjustment amounts in the trial balance if the account already exists b the account details in the
Don Dingalong provides the following trial balance for December 2022 (figure 11.16) and asks you to enter:a balance day adjustment amounts in the trial balance if the account already exists b the account details in the balance day adjustment area if the account is not already in the trial balance c
From the following pre-adjustment trial balance of Clarence Way as at 30 June 2022 (figure 11.18) and the balance day adjustment listing, prepare an 8-column worksheet.Adjustments required as at 30 June 2022 are listed below.a Closing inventory was $14 685.b A further $495 ($450 + $45 GST) was
From the pre-adjustment account listing of Ann Gourie, shown in figure 11.20, and the relevant balance day adjustments, prepare an 8-column worksheet for the year ended 31 March 2022.The following adjustments are required.a A stocktake values inventory at $12 160, indicating it is overstated $290;
From the following pre-adjustment trial balance of R Murrumbidgee (figure 11.21) as at 30 June 2022 and balance day adjustment listing, prepare an 8-column worksheet.Adjustments required are listed below.a Inventory as at 30 June 2022 was $15 600.b Further bad debts are written off $451 ($410 + $41
(a) Periodic inventory D Blowering prepared the following list from the general ledger with the required adjustments to be made for the financial year (figure 11.22). You are required to prepare an 8-column worksheet.Adjustments to be made are as follows.a Inventory 30 June 2022: $9284.b Bad debts
The general ledger account balances of B Plowman for 30 June 2022 are shown in figure 11.24, together with a list of balance day adjustments. You are required to prepare an 8-column worksheet.Balance day adjustments at 30 June 2022, rounded to the nearest dollar, are listed below.a Inventory
From the extract 8-column worksheet of Jenny McLaughlin, shown in figure 11.30, enter the abbreviation for the account or statement and group in the columns on the right of the statement and then prepare the income statement and balance sheet in the correct format, where periodic inventory applies.
From the extract 8-column worksheet shown in figure 11.31 for Maureen Payne, enter the abbreviation for the account or statement and group in the columns on the right of the statements and then prepare an appropriately classified income statement and balance sheet. Account Bank Petty Cash Accounts
From the extract 8-column worksheet shown in figure 11.32 for John Spalding, enter the abbreviation for the account or statement and group in the columns on the right of the statements and then prepare a properly formatted income statement and balance sheet. Account Accounts Payable Control
From the account balances in figure 11.33 and balance day adjustments for G Gardiner for 31 December 2022, prepare an 8-column worksheet, an income statement and a balance sheet.Balance day adjustments for 31 December 2022 are listed below.a A physical stocktake values inventory at $5713;
Lita Litigiosus has provided you with the following list of account balances as at 30 June 2022 (figure 11.35) and balance day adjustments. You have been requested to prepare an 8-column worksheet, an income statement and a balance sheet for the year ended 30 June 2022.Balance day adjustments for
Dr R Queanbeyan has provided you with the following list of account balances as at 30 June 2022 (figure 11.36)and balance day adjustments. The business uses a periodic inventory method for recording surgical supplies.You have been requested to prepare an 8-column worksheet, an income statement and
From the list of account balances, shown in figure 11.37, as at 30 June 2022 from the general ledger of D Jounama, together with the balance day adjustments, you are required to prepare an 8-column worksheet, an income statement and a balance sheet.Balance day adjustments are listed below.a
You are asked by Julia Kreiger to prepare an 8-column worksheet and then an income statement and balance sheet for the year ended 30 June 2022. Use the account balances in figure 11.38 and the balance day adjustments below. Balance day adjustments on 30 June 2022 were as follows.a Inventory should
You have received from R Shoalhaven, who operates a veterinary practice, the trial balance and a number of adjustments for the year ended 30 June 2022 (shown in figure 11.39). She asks that you prepare an 8-column worksheet and then an income statement and balance sheet. Trial Balance of R
L Hume operates an appliance service business for refrigerators, washing machines, clothes dryers and dishwashers.The trial balance and a number of adjustments for the year ended 30 June 2022 are shown in figure 11.40. You are required to prepare an 8-column worksheet and then use it to prepare an
You have received a list of balances and balance day adjustments from Dr R Smart (figure 11.41) and have been requested to prepare an 8-column worksheet and then use it to prepare an income statement and balance sheet.Balance day adjustments on 30 June 2022 were as listed below.• Depreciation of
The trial balance shown in figure 12.13 has been extracted from the ledger of B Blue and you are required to write next to each account name the account, statement and group abbreviation. Using this information, prepare an income statement. Trial Balance of B Blue as at 30 June 2022 Accounts
The adjusted trial balance for the year to 30 June 2022 for E L Alamein is shown in figure 12.14. You are required to:• list the account, statement and group abbreviations next to each account name• prepare an income statement• prepare a balance sheet. Adjusted Trial Balance of E L Alamein as
Using the adjusted trial balance of O Lightfoot from figure 12.15 you are required to:• enter the account, statement and group abbreviation next to each account name• prepare an income statement• prepare a balance sheet. Adjusted Trial Balance of 0 Lightfoot as at 30 June 2022 Petty Cash
The adjusted account balances are listed in the trial balance of B Montgomery for 30 June 2022(see figure 12.16). Your are required to:• list the account, statement and group abbreviations next to each account name• prepare an income statement• prepare a balance sheet. Adjusted Trial Balance
From the list of account balances for Margaret Robertson as at 30 June 2022 (figure 12.24), you are required to write the account, statement and group abbreviations next to each account name, including the balance day adjustments. Using this information, prepare an income statement and a balance
From the list of account balances as at 30 June 2022 of Harry Moxey (see figure 12.25), you are required to write the account, statement and group abbreviation next to each account name, including the balance day adjustments. Using this information, prepare an income statement and a balance sheet
You have been asked by Joe Madeley to prepare an income statement and balance sheet for the year ended 30 June 2022. So that there is a greater chance the financial statements will be correct, you are required to write the account, statement and group abbreviations next to each account name,
Which of the alternatives below most correctly answers the following statement?A trial balance will reveal errors where:a transactions are duplicated in the entry from the journal to the general ledger b entries are made where the debit is entered as a credit and the credit is entered as a debit c
June 2022 tax invoices from L George $187 ($170 + $17 GST) for stationery and R Macquarie $583 ($530 +$53 GST) for vehicle expenses had not been processed through the June purchases journal. You are required to prepare:a adjustment journal for June b reversal journal and purchases journal in July c
In the accounts of S Urara, a tax invoice for the sale of goods to C Boronia was correctly prepared for $627($570 + $57 GST). However, it was erroneously entered and processed in the sales journal for C Boronia as$825 ($750 + $75 GST). Control accounts are used for the debtors’ accounts. This
In the accounts of P Toona, an account payable tax invoice for office equipment from G Heath for $8415 ($7650+ $765 GST) was erroneously entered and processed in the purchases journal as $5148 ($4680 + $468 GST).Subsidiary ledgers are used for creditors.You are required to correct this error in the
In the accounts of T Lasiandra, inventory was purchased on credit from D Shores for $1617 ($1470 + $147 GST). However, there was an error and its entry and processing in the purchases journal was for $1716($1560 + $156 GST). A creditors ledger operates using control accounts.You are required to
Motor vehicle expenses of $1735 had been incorrectly allocated and posted from the purchases journal to the motor vehicle account.Prepare the general journal to correct this error.
R Capertee, who uses control accounts, raised a tax invoice for $1342 ($1220 + $122 GST) to B Cider but it has been incorrectly allocated through the sales journal to B Spider.Prepare the general journal to correct this error.
In the accounts of A Bottlebrush, a tax invoice for the sale of stock $385 ($350 +$35 GST) to Glen Bawn was processed through the sales journal incorrectly as $836 ($760 + $76 GST). Control accounts are used.You are required to correct this error in the accounts of A Bottlebrush by preparing:a pro
Inventory was delivered to a customer on 30 June 2022 valued at $7579 ($6890 + $689 GST). However, there was a problem with the invoicing process and a tax invoice was not raised for the customer.Prepare an adjusting journal at the end of the year and a reversal, if necessary, on the commencement
You have found three specific errors in the accounts of E Poinsettia and they all need correction. Control accounts are used for receivables and payables.ERROR 1 The tax invoice from L Redman for the purchase of stationery for $2453 ($2230 + $223 GST) was incorrectly recorded in the stationery
Having checked the monthly accounts of Honey Suckle for account allocations, three errors were found that needed correction through the general journal. Subsidiary ledgers and control accounts are used.a The tax invoice for the sale of goods to P Onion on credit for $3960 ($3600 + $360 GST) was
In the accounts of R Hibiscus, four errors were found from journal postings made during the month. These require correction by general journal. Subsidiary ledgers are used.ERROR 1 Somehow a tax invoice for the sale of office equipment, at book value, to S Queen $1705 ($1550 + $155 GST)was entered
The following information is extracted from the books and records of Q Don at 30 June 2022 (figure 12.37). You are required to write next to each account name the account, statement and group abbreviations and then prepare a balance sheet. Extract Account Balances for Q Don Revenue Received in
The balances from the adjusted trial balance of L Tobruk for 31 December 2022 are given in Figure 12.35. Write next to each account name the account, statement and group abbreviations as an aid to preparing:• an income statement• a balance sheet. Adjusted Trial Balance of L Tobruk as at 31
Using the adjusted account balances for H Joshua (shown in figure 12.36), you are required to prepare for the year ended 30 June 2022:• an income statement• a balance sheet. as at 30 June 2022 Accounts Payable Control Accounts Receivable Control Accumulated Depreciation - Motor Vehicles
The following account balances in figure 12.37 are from the ledger of C Earnest at 30 June 2022. Enter the account, statement and group abbreviations for the accounts and the additional balance day adjustments. Prepare an income statement. Account Balances for C Earnest Wharfage and Other Import
The account balances in figure 12.38 are from the ledger of Dorothy McCoy at 30 June 2022. The account, statement and group abbreviations should be entered. After incorporating the balance day adjustments, prepare an income statement and a balance sheet. Account Balances for Dorothy McCoy as at 30
You are required to prepare for D Robert an income statement and balance sheet for the period ended 30 June 2022. The account, statement and group abbreviations should be entered. The account balances and adjustments for the year are given in figure 12.39. Account Balances for D Robert Accounts
Using the account balances at 31 December 2022 from the general ledger of Mary Doggett shown in figure 12.40, prepare an income statement and balance sheet that incorporates the balance day adjustments. Enter the account, statement and group abbreviations. Account Balances for Mary Doggett Mortgage
You are required to prepare an income statement and balance sheet for the year ended 30 June 2022 from the account list and adjustments for R Abercrombie, shown in figure 12.41. The account, statement and group abbreviations should be entered. Account Balances for RAbercrombie as at 30 June 2022
You are required to prepare an income statement and balance sheet for the six months ended 30 June 2022 from the account list and adjustments of L Tuggerah, a dentist, shown in figure 12.42. The account, statement and classification abbreviations should be entered. Account Balances L Tuggerah as at
You are required to prepare an income statement and balance sheet for the year ended 30 June 2022 from the account list and adjustments for L Eucumbene, a builder, shown in figure 12.43. The account, statement and classification abbreviations should be entered. Account Balances for L Eucumbene as
During September 2022, R Cudgegong found that there were a number of errors and omissions made in the general ledger and the subsidiary ledgers. You are required to make the necessary journal adjustments as at 30 September 2022.a A supplier’s tax invoice from D Cataract $462 ($420 + $42 GST) had
a Show correcting journal entries, if appropriate, for the following errors. Subsidiary ledgers are used.i Payment for motor vehicle $26 400 ($24 000 + $2400 GST) was processed to the office repairs account.ii Discount of $77 ($70 + $7 GST) disallowed by Bel Kno, a supplier, as remittance arrived
You have found two specific errors in the accounts of A H Coramba and they both need correction.a. The tax credit note received from the account payable Vic Hair for $40.26 ($36.60 + $3.66 GST) relating to an overcharge for inventory was incorrectly processed as a credit note to the account
Three errors have been found in the records of T O Dorrigo and require correction by general journal.a The purchases account was used in error when a new photocopier (office equipment) was purchased for $19 382($17 620 + $1762 GST).b Neither prepayment of rates $950 nor accrual of wages $7990 had
Five errors have been found in the records of A V Kingfisher and require correction by general journal.a Courier charges paid through the petty cash book $55 ($50 + $5 GST) were posted in the general ledger as office expenses. It should have been freight inwards. Prepare the correction journal.b
The accounts of D R Kookaburra revealed four errors and require correction by general journal.a Rent of $869 was incorrectly allocated and posted to rates from the cash payments journal.b The tax invoice from goods obtained for resale from C King $8283 ($7530 + $753 GST) was erroneously recorded
The accounts of P L Lorikeet revealed a number of matters that require attention and correction by general journal.a Cash receipts journal totals for the month were posted to the general ledger only (not the subsidiary ledger) as debits to accounts receivable control $5000, sales $1000 and GST
There are four errors in the records of C R Sherwood that require correction by general journal.a The cash payments journal showed a payment to the account payable L Jacaranda of $3674 after deducting a discount of $99 ($90 + $9 GST). L Jacaranda contacted C R Sherwood and explained why the
Select from the alternative pro forma general journals shown in figures 12.45 to 12.48 the one that most accurately corrects the errors in the accounts of C Tallawudjah.a A tax invoice selling inventory to an account receivable S River (subsidiary ledgers are used) $3663 ($3330 + $333 GST)was
From the following clues relating to depreciation, complete the crossword in figure 13.1.Across 3 The opposite of revenue.4 This asset is expected to be of use to the business for longer than 12 months.7 This spreads the expense of the non-current asset over its useful life.8 This is the total cost
Indicate whether the following statements are true or false.a An asset register that includes motor vehicles would show the costs of servicing and running costs of each vehicle.True/False b The asset register includes accounts receivable balances as they are also assets. True/False c An asset
On 11 March 2022 William Dumbrell ordered office desks, chairs and filing cabinets for the refurbished office area of the business from Stylish Office Designs costing $16 500 ($15 000 + $1500 GST). Repainting of the office area was correctly allocated to office repairs and maintenance.The order was
On 1 July 2021, equipment of $24 189 ($21 990 + $2199 GST) was purchased for cash and is to be depreciated at 15% p.a. with a residual value of $1100 ($1000 + $100 GST). Prepare:a the straight line depreciation worksheet to 30 June 2023 b general ledger extracts for the asset and appropriate
Office furniture and fittings $4158 ($3780 + $378 GST) and motor vehicle $34 716 ($31 560 + $3156 GST) were both purchased on credit on 1 July 2021 and depreciated using the straight line method. Office furniture is to be depreciated at 15% p.a. with no residual value. Motor vehicle is depreciated
On 1 July 2021, the business purchased and had installed a computer system costing $19 030 ($17 300 + $1730 GST). It is anticipated to have a useful life of four years (25% p.a.) and the straight line depreciation method is to be used with a nil residual value. Prepare:a the straight line
The business purchased on credit:a a new car for a sales representative on 1 February 2022 $36 300 ($33 000 + $3300 GST) with a depreciation rate of 20% p.a. and a residual value of $3300 ($3000 + $300 GST), and b a new truck for deliveries to customers on 31 March 2022 for $55 000 ($50 000 + $5000
A new computer was purchased on 31 October 2021 for $5445 ($4950 + $495 GST) with nil residual value. It is to be depreciated at 33.33% p.a. using the straight line method, with year end being 30 June. Prepare:a a time line for the computer to 30 June 2025 b the straight line depreciation worksheet
During the year ended 30 June 2022, three assets were purchased and are to be depreciated using the straight line method. All have nil residual values.a 1 August 2021, machinery depreciated at 15% p.a. $19 019 ($17 290 + $1729 GST).b 30 November 2021, office equipment depreciated at 10% p.a. $6127
Electronic optical equipment was purchased and installed for $335 500 ($305 000 + $30 500 GST) on 1 July 2021. The equipment is expected to give 5000 hours of usage, after which it would be disposed of with an estimated residual value of $5500 ($5000 + $500 GST). Usage for the year ended 30 June
The business purchased an aircraft on credit on 2 January 2022 to make it more efficient for its business and management, as it worked in the western region of New South Wales. The aircraft cost $374 000 ($340 000 +$34 000 GST) and is to be depreciated over 20 000 flying hours. It was unsure how
Sophisticated medical scanning equipment was purchased on credit and installed for $800 800 ($728 000 +$72 800 GST) on 16 July 2021. The residual value is only as scrap metal and is considered immaterial. Due to the components within the equipment, it is to be depreciated using units of use based
A business involved with long-distance transport bought a new truck designed for haulage between all capital cities throughout the country. The motor vehicle was purchased on credit on 31 July 2021 $819 500($745 000 + $74 500 GST) and it was expected that it would be sold for its residual value of
H Bilberry purchased a machine on 31 July 2021, to be depreciated by the straight line method at 15% p.a., which cost $26 312 ($23 920 + $2392 GST). Installation and commissioning was completed on 31 August 2021 at an additional cost of $8448 ($7680 + $768 GST). The estimated residual value was
G Basil, whose accounts end on 30 June, purchased a computer for cash on 30 September 2021 for $8030 ($7300 + $730 GST) with nil residual value, to be written off at 33.33% p.a. using the straight line depreciation method.On 1 April 2022 a forklift truck (motor vehicles) was purchased on credit for
The business of B Walnut purchased some non-current assets during the year ended 30 June 2022.A photocopier (office equipment) was purchased on 31 July 2021 for $4147 ($3770 + $377 GST) and is to be depreciated using the straight line method at 15% p.a. with a nil residual value.Machinery costing
On 1 July 2021 the business bought on credit specialised equipment at a total cost including installation of$68 981 ($62 710 + $6271 GST). It is to be depreciated using the diminishing balance method at a rate of 25% p.a.Prepare:a. the diminishing balance worksheet for four years to 30 June 2025b.
On 1 July 2021, machinery was purchased on credit for $24 398 ($22 180 + $2218 GST) with a residual value of $2200 ($2000 + $200 GST). It is to be depreciated using the diminishing balance method at a rate of 30% p.a. Prepare for three years to 30 June 2024:a. a worksheet using the diminishing
On 1 July 2021, equipment costing $11 000 ($10 000 + $1000 GST) was purchased for cash. It is to be depreciated at 30% p.a. using the diminishing balance depreciation method.Prepare:a a diminishing balance depreciation worksheet for the first five years ended 30 June b the balance day adjustment
The business made a credit purchase on 1 July 2021 of a large-capacity integrated compressor and generator, which is grouped as plant and machinery. It is to be depreciated using the diminishing balance method at a rate of 35% p.a. The cost was $59 026 ($53 660 + $5366 GST) and the installation was
Machinery was purchased on 31 August 2021 for $81 400 ($74 000 + $7400 GST), and installed and commissioned on 30 September 2021 for $9020 ($8200 + $820 GST) with no residual value. Depreciation is to be based on the diminishing balance method at an annual depreciation rate of 30%.Prepare:a a time
As part of a major expansion, the business bought on credit equipment at a cost including installation of $77 968 ($70 880 + $7088 GST). Installation and commissioning were completed on 1 February 2022.Depreciation is at 28% p.a. using the diminishing balance method.Prepare:a a time line to 30 June
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
New cupboards, desks and chairs (office furniture) were purchased and management want to see the difference between using the straight line and the diminishing balance methods of depreciation. Management is aware that usage would be constant over the life of the office furniture but still requires
Two machines were purchased in the financial year to 30 June 2022.Machine 1 is depreciated using the diminishing balance method at 35% p.a. It was purchased and installed on 31 January 2022 for $44 396 ($40 360 + $4036 GST); estimated residual value is $2200 ($2000 + $200 GST).Machine 2 is
Equipment costing $12 716 ($11 560 + $1156 GST) was purchased on 30 November 2021 and installed and commissioned on 31 January 2022 at an additional cost of $5148 ($4680 + $468 GST). Depreciation of 15% p.a.straight line method was to apply. The equipment has an estimated residual value of $1100
Don’s business buys three motor vehicles for the business and pays by debit card between 1 July 2021 and 30 June 2022. As a result of the nature of the business, each motor vehicle is put to a special use.Motor vehicle 1 was purchased on 1 August 2021 for $47 619 ($43 290 + $4329 GST) with a
D Burrendong purchased the following assets for cash on 1 December 2021:i machinery for $17 270 ($15 700 + $1570 GST) to be depreciated at 30% p.a. diminishing balance method ii office equipment for $9900 ($9000 + $900 GST) to be depreciated at 10% p.a. straight line method.Prepare:a a time line to
Peggy See acquired the following assets:i Office furniture was purchased for cash on 31 July 2021 for $7920 ($7200 + $720 GST) with a 10% p.a.straight line depreciation rate.ii Machinery was purchased for cash on 31 January 2022 for $52 800 ($48 000 + $4800 GST) with a 25%p.a. diminishing balance
The business of Marie Hend purchased on credit machine 1 on 30 November 2021, which was operational at that date. The cost including installation was $35 750 ($32 500 + $3250 GST) and there is an estimated residual value of $2200 ($2000 + $200 GST). A straight line depreciation rate of 15% p.a. is
On 31 July 2021 the business of Ruth Lye purchased fixtures and fittings costing $19 250 ($17 500 + $1750 GST) with an estimated residual value of $1100 ($1000 + $100 GST) at the end of the useful life of five years.Depreciation is by the straight line method.On 1 October 2021 a small truck was
Margaret Kline’s accounts are to record the following assets:On 1 August 2021 office furniture was purchased at a cost of $13 860 ($12 600 + $1260 GST) with a residual value estimated at $660 ($600 + $60 GST) and depreciation is at 10% p.a. using the straight line method.Plant and equipment
Complete the relevant extract general ledger accounts on the disposal of machinery for each of the following independent parts. The gain on disposal or loss on disposal account is also to be shown. The balances on 30 June 2022 were machinery $15 000 and accumulated depreciation – machinery $10
The plant of D Nepean was depreciated using the straight line method at 15% p.a. with no residual value.On 30 June 2022, an extract of accounts showed plant $45 000 and accumulated depreciation – plant$27 000. Complete the relevant ledger accounts for each of the various autonomous events listed
Machinery was purchased on credit by D Bever on 31 March 2021 for $38 500 ($35 000 + $3500 GST) with an expected useful life of five years, using straight line depreciation and no residual value. On 31 December 2022, the machine was sold for $22 000 ($20 000 + $2000 GST) cash. The financial year
On 30 November 2021, a motor vehicle was purchased for cash $45 738 ($41 580 + $4158 GST) with an estimated residual value of $5038 ($4580 + $458 GST) and was to be depreciated using the diminishing balance method at 35% p.a.On 1 May 2022, office equipment was purchased on credit for $15 510 ($14
On 1 February 2022, the business purchased on credit and had installed machine 1 for $19 371 ($17 610 + $1761 GST) with a residual value $990 ($900 + $90 GST). The diminishing balance depreciation method is applied at a rate of 30% p.a.On 1 March 2022, machine 2 was purchased on credit for $22 253
The business of Bernadette Williams purchased and sold a number of non-current assets. On 1 December 2021, the business purchased for cash a truck (motor vehicle) for $55 660 ($50 600 + $5060 GST) with a residual value of $5500 ($5000 + $500 GST), which is depreciated using the diminishing balance
On 31 March 2022, L Cowal purchased a new computerised machine costing, before trade-in, $27 500 ($25 000 +$2500 GST). The old machine had cost $18 000 and the accumulated depreciation was $7800 to 30 June 2021;depreciation 1 July 2021 to 31 March 2022 was calculated as $2700. The trade-in was

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