Show the General Journal Entries for the following: 1. On 1 Jan 2017 Ross Ltd sold inventory
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Show the General Journal Entries for the following:
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1. On 1 Jan 2017 Ross Ltd sold inventory to Zara Ltd costing $40,000 for $60,000. Half of this inventory was sold to outside parties by 30/6/17. 2. On 1 Jan 2016 Ross Ltd sold inventory costing $13000 to Zara Ltd for $18,000. Zara Ltd treats the item as equipment and depreciates it at 10% per annum. 3.On 1 July 2016 Ross sold plant to Zara for $25,000. The plant had cost Ross $28,000 on 1 July 2014 and it was being depreciated at 10% per annum. Zara regards the plant as inventory. The inventory was all sold by 30th July 2016. 1. On 1 Jan 2017 Ross Ltd sold inventory to Zara Ltd costing $40,000 for $60,000. Half of this inventory was sold to outside parties by 30/6/17. 2. On 1 Jan 2016 Ross Ltd sold inventory costing $13000 to Zara Ltd for $18,000. Zara Ltd treats the item as equipment and depreciates it at 10% per annum. 3.On 1 July 2016 Ross sold plant to Zara for $25,000. The plant had cost Ross $28,000 on 1 July 2014 and it was being depreciated at 10% per annum. Zara regards the plant as inventory. The inventory was all sold by 30th July 2016.
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10n 1 Jan 2017 Ross Ltd sold inventory to Zara Ltd costing 40000 for 60000 Half of this inventory wa... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
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