Dear Experts, Please help my assignment..

I definately need your help..

Question 4 ABC Pty Ltd purchased a piece of machinery, on credit, for $100,000 on 1st April 2015 from Machines R Us. Additional costs (payable to Machines R Us) were: Insurance $2,500 Transportation costs $1,500 Installation costs $500 All above costs exclude GST. Depreciation is charged using the reducing balance method of 15% per annum. a) Calculate the capitalised cost of the machinery Item Price Paid $ Capitalised $ GST $ Purchase Price 110000 10000 Transportation costs 1650 150 Installation costs 550 50 Total 102200 10200 b) Complete the depreciation table for the years ended 30th June 2015 & 30th June 2016 Year ending Opening Depreciation rate Annual Accumulated Closing value depreciation depreciation value 30/06/15 15% 30/06/16 15%cJ Prepare the general journal entries for the years ended 30th June 2015 & 30th June 2016 General Journal Date Particulars Debit Credit 30/06/15 Machinery Input tax credits Sundry creditor- Machines R Us 5 Purchase of new machinery on credit 30/06/15 Depreciation- Machinery 5 Accumulated depreciation- Machinery S Reducing balance Method of depreciation for one year at 15% 30/06/16 Depreciation - Machinery Accumulated depreciation- Machinery Reducing balance method of depreciation for one year ot 15% The machine was sold to Daly Lid on 30"h June 2016 for $65,000 for cash (excluding GST] to Daly Ltd d) Calculate the profit or loss on disposal of the machinery Summary to date: $ Cost of machinery Less accumulated depreciation Written down value Less proceeds on sale [Profit)/ Loss on salee) Prepare the general journal entries & cash receipts journal entry for the disposal of the machinery as at 30" June 2016 General Journal Date Particulars Debit Credit 30/06/16 Disposal of machinery Machinery Transfer cost on sale of machinery 30/06/16 Accumulated Depreciation- Machinery 5 Disposal of Machinery 5 Transfer accumulated depreciation on sale of machinery 30/06/16 Loss on disposal of machinery S Disposal of machinery 5 Transfer loss on sale of machinery Cash Receipts Journal Date Particulars Rec no Discount Debtors Cash GST Sundries Bank allowed Sales payable 30/06/16 Disposal of machineryf) Complete the fixed asset register using the information given below. Balance day is 30/06/16. Date Transaction Serial Number MACHO1 2015/Oct 15 The machine was serviced by Fixit Led at a cost of $220 inc GST 2016/Apr 01 Insurance was paid $550 inc GST May 10. Worn out parts on the machine was serviced by Fixit Lid at a cost of $330 inc GST Jun 15 The machine was serviced by Fixit Ltd at a cost of $220 ASSET REGISTER Type: Machinery Manufacturer: N/A Serial no: Location: Supplier: Estimated residual value: N/A Date of Purchase: Estimated life: N/A Depreciation method: Reducing Balance Depreciation rate: Date Particulars Cost Depreciation Accumulated Written- expense depreciation down S value 01/04/15 Machinery 30/06/15 Depreciation 30/06/16 Depreciation Proceeds on Sole Loss on Sale Repairs & Maintenance Date Repairer Cost $ Remarks 15/10/15 Fixit Pty Ltd Service 10/05/16 Fixit Pty Ltd Worn out ports 15/06/16 Fixit Pty Ltd Service Details of disposal Date Name Amount $ Particulars 30/06/16 Daly Led Cash Sole