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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%.
Complete the following activities:
Problem 1. Create a depreciation Worksheet for 2016 and 2017. Show your calculations.
Problem 2. Write a General Journal entry on 30 June 2016 for depreciation.
Problem 3. Write Ledger accounts for Motor Vehicle, Accumulated Depreciation of Motor Vehicle and Depreciation Expense from 1/7/2016 to 30/6/2018.
Problem 4. Create an Income Statement and Balance Sheet extracts for the year ended 30 June 2018, showing the Depreciation Expense and the Motor Vehicle.
Problem 5. Write the journal entries to record the disposal of the old delivery truck on 31 March 2018, including calculation of gain or loss. Show your calculations.
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