User Account

All Pages

Provide the journal entries necessary to account

Assignment Help Accounting Basics
Reference no: EM132701064

Question - TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as $450 000. The machine's useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the asset's fair value is $460 000 and the residual value and useful life are expected to be unchanged (that is, there is 4 years of remaining life).

Required - Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation is undertaken.

Reference no: EM132701064

Questions Cloud

Development and compensation strategies : How does a performance management system connect with training and development and compensation strategies?
Speaking about long-term care quality : We are speaking about long-term care quality. How can we ensure consistent quality care be provided to residents?
What concept from class is reflected Jayna plan : Jamie has his doubts about how successful this course of action would be. What concept from class is reflected Jayna's plan
Hypothetical speech : Who is your audience for this speech? What is the specific purpose of your speech? What special adaptation is necessary in the speech because of the audience's
Provide the journal entries necessary to account : The machine's useful life is expected to be 5 more years and the residual value to be $50 000. Provide the journal entries necessary to account
Apple marketing plan : you will be taking on the role of marketing manager for the organization that you researched in Unit VI (Apple Marketing Plan).
Provide journal entry necessary to recognise the sick-leave : Dainty Ltd has an average weekly payroll of $200 000. Provide the journal entry necessary to recognise sick-leave entitlement expense as it accrues each week
Management plan : The first step in developing an organizational change management plan for your action research project, should be to identify where most change management plans
Prepare the journal entry to record depreciation : The machinery cost $335,000, and was estimated to have a 10-year useful life and a residual value of $35,000. Prepare the journal entry to record depreciation

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd