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Show the entries in the equipment account and the provision

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Reference no: EM132759652

The following information was taken from the books of S.Dooley for the year ended 31/12/20X1:

01 Jan: Equipment at cost amounted to €150,000

01 Jan: The balance on the provision for depreciation of equipment a/c is €70,000

10 Apr: Purchased Equipment for €60,000

16 Jun: Sold for €15,500 equipment that had cost €35,000 6 years ago

28 Sept: Sold for €5,000 equipment that had cost €12,000 5 years ago

31 Dec: Depreciation for the year is charged

S. Dooley uses straight line method to depreciate equipment over 10 years

Required:

Problem 1: Show the entries in the equipment account and the provision for depreciation of equipment account for the year 20X1

Problem 2: Show the profit or loss made on the disposals of equipment during the year 20X1

Reference no: EM132759652

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