Xyz limited account of plant and machinery

Assignment Help Cost Accounting
Reference no: EM13510341

XYZ limited account of plant and machinery as at 1/1/03 stood at Ksh. 11,000,000 while the accumulated depreciation stood at Ksh. 4,000,000. It is the company's policy to charge depreciation at 10% on cost pro-rata to time on all assets and no charge in the year of disposal. The following transactions took place:

Purchases:



Date

Item

Amount

1/3/03

Machinery X

3,000,000

30/6/03

Machinery

4,000,000

Disposals:





Date

Item

Orig.cost

Sale proceeds

Date of Purchase

1/4/03

Machinery A

2,000,000

900,000

30/6/99

30/6/99

Machinery B

1,500,000

1,200,000

1/9/01

Other transactions:

1. A machinery bought on 30/6/00 at 1,000,000 was completely damaged on 1/4/03.

The insurance company paid sh. 700,000

2. A machinery bought on 30/6/99 at 1,000,000 was exchanged for a new one costing 1200,000 on 31/7/03. The company paid sh. 400,000 in the exchange.

Required:

1. Machinery a/c 2) Depreciation a/c 3) Accumulated depreciation a/c 4) Disposal a/c

Reference no: EM13510341

Questions Cloud

Calculate the following confidence intervals for s2 : 6. A certain population of individuals has a mean IQ of 100, but the variance is unknown. In a random sample of 21 individuals, the sample variance was s2 = 204. Calculate the following confidence intervals for σ2
Evaluate the tension in the string : A 35.0 cm violin string with linear density 0.66 g/m is placed near a loudspeaker that is fed by an audio-oscillator of variable frequency. What is the tension (in newtons) in the string
Write newtons second law equation : A 330-g air track cart on a horizontal air track is attached to a string that goes over a pulley with a moment of inertia of 5.00 x 10-6 kg?m2 and a radius of 1.35 cm. Write Newton's second law equation for each of the three objects
Determine the e?ects of a particular insecticid : In an agricultural experiment to determine the e?ects of a particular insecticide, a field was planted with corn. Half the plants were sprayed with the insecticide, and half were unsprayed. Several weeks later, independent random samples of 20..
Xyz limited account of plant and machinery : A machinery bought on 30/6/99 at 1,000,000 was exchanged for a new one costing 1200,000 on 31/7/03. The company paid sh. 400,000 in the exchange.
Is this a form of post-investment hold up : Is this a form of post-investment hold up?
Given an inverse demand function p : Given an inverse demand function: P = a - bQ; where a = 100, b = 1, and the short-run cost function is C(Q) = eQ + f, where e = 10 and f = 9, if all firms are economically identical:
Demand to evaluate the wisdom of such a tax : 1. Los Angeles is committed to raising $1 billion for a new stadium. It is considering a $1 surtax on all cab rides because most cab rides are by non-residents. Use supply and demand to evaluate the wisdom of such a tax.
Why depreciation is based on the revalued amount : The plant and machinery account of ABC limited as at 1/1/03 stood at sh. 5,000,000. The-accumulated depreciation as at that date is Ksh. 2,000,000. On the same date the asset was revalued by Ksh, 2 000,000.

Reviews

Write a Review

Cost Accounting Questions & Answers

  Identifying product and period costs

Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost.

  Partnership income and basis adjustments mark and pamela

partnership income and basis adjustments. mark and pamela are equal partners in mp partnership. the partnership mark

  Historical cost concept in the valuing of long-term assets

US GAAP follows the Historical Cost Concept in the valuing of long-Term Assets.

  Compute the product margins for the xactive

Compute the product margins for the Xactive and the Pathbreaker products under the company's traditional costing system.

  Which product costing method produces more competitive bid

Determine the amount of overhead that would be allocated to the proposed job if 40,000 direct labor-hours are used as the volume-based cost drive.

  Contrast the primary focus of job order cost accounting

Contrast the primary focus of job order cost accounting and of process cost accounting.

  Review one financial statement of a company

Potential investor and could only review one financial statement of a company in which you would like to buy stock, which financial statement would you choose and why? Be specific with your answer and provide about 250 words.

  Advise the ceo of southern star ltd

Advise the CEO of Southern Star Ltd whether to accept or reject the order. Discuss the following issues that Southern Star Ltd will have to consider in deciding whether to accept or reject the order.

  Homestyle soup co uses a process cost system to record the

homestyle soup co. uses a process cost system to record the costs of processing soup which requires the cooking and

  Prepare journal entries

Create journal entries to record the accounting for both the normal and abnormal rework and what were the total rework costs of XD1 chips in August 2011?

  1or the pair of functions evaluate the domain of f gfx

1.for the pair of functions evaluate the domain of f g.fx 2x -9 gx 4x -3.2.for the pair of functions evaluate the

  Elements found on income statement

What would be the appropriate entry for the subsequent transaction and measures amount of revenue as the cash plus cash equivalent value of any non-cash assets received from customers in exchange for goods or services

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!

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