Andrew's Slabs bought a delivery truck on 1/7/2016. It cost $33,000 (including GST), and it was...

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Andrew's Slabs bought a delivery truck on 1/7/2016. It cost $33,000 (including GST), and it was decided to depreciate it at 30%. At the end of the financial year, on 30/06/2017, the balance of the accumulated depreciation of the truck was $15,300 On 31/03/2018 Andrew traded it in on a new delivery truck. He received $8,800 for the trade in, and he paid the balance, $44,000, in cash. All figures included GST. Andrew's Slabs uses the diminishing balance method. Complete the following activities: 1. Create a depreciation Worksheet for 2017 and 2018 Show your calculations. Andrew's Slabs Delivery Truck Asset Cost: Less Residual value: Depreciation Amount: Depreciation method: Depreciation Rate: Year ending Carrying amount at beginning. Depreciation Date Accumulated Depreciation 5. Write a General Joumal entry on 30 June 2017 for depreciation. General Journal entry on 30 June 2017 for depreciation. Accounts Dr $ Carrying amount at end Cr $ Andrew's Slabs bought a delivery truck on 1/7/2016. It cost $33,000 (including GST), and it was decided to depreciate it at 30%. At the end of the financial year, on 30/06/2017, the balance of the accumulated depreciation of the truck was $15,300 On 31/03/2018 Andrew traded it in on a new delivery truck. He received $8,800 for the trade in, and he paid the balance, $44,000, in cash. All figures included GST. Andrew's Slabs uses the diminishing balance method. Complete the following activities: 1. Create a depreciation Worksheet for 2017 and 2018 Show your calculations. Andrew's Slabs Delivery Truck Asset Cost: Less Residual value: Depreciation Amount: Depreciation method: Depreciation Rate: Year ending Carrying amount at beginning. Depreciation Date Accumulated Depreciation 5. Write a General Joumal entry on 30 June 2017 for depreciation. General Journal entry on 30 June 2017 for depreciation. Accounts Dr $ Carrying amount at end Cr $

Answer rating: 100% (QA)

SOLUTION 1 Asset Cost 30000 Excluding GST 10 3000 Residual Val... View the full answer