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### Questions:

1:

‘X’ Ltd. purchased two new machines for cash on 1 January 2018. Machine A cost \$4000 and Machine B cost \$10000. Each machine was expected to have a useful life of 10 years, and residual values were estimated at \$200 for Machine A and \$500 for Machine B.

On 30 June 2019, ‘X’ Ltd. adopted the revaluation model to account for the class of machinery. The fair values of Machine A and Machine B were determined to be \$3200 and \$9000 respectively on that date. The useful life and residual value of Machine A were reassessed to 8 years and \$150. The useful life and residual value of Machine B were reassessed to 8 years and \$400.

On 2 January 2020, extensive repairs were carried out on Machine B for \$6600 cash. ‘X’ Ltd. expected these repairs to extend Machine B’s useful life by 3.5 years, and it revised Machine B’s estimated residual value to \$945.

‘X’ Ltd. decided to replace Machine A. It traded in Machine A on 31 March 2020 for new Machine C, which cost \$6400. A \$2800 trade-in was allowed for Machine A, and the balance of Machine C’s cost was paid in cash. Transport and installation costs of \$95 were incurred in respect to Machine C. Machine C was expected to have a useful life of 8 years and a residual value of \$800.

‘X’ Ltd. uses the straight-line depreciation method, recording depreciation to the nearest month and the nearest dollar. The end of its reporting period is 30 June.

On 30 June 2020, fair values were determined to be \$14000 and \$6500 for Machines B and C respectively.

Required:

Prepare general journal entries to record the above transactions and the depreciation journal entries required at the end of each reporting period up to 30 June 2020. Please show all the required calculations as note at the end of your answer.

2:

‘X’ Ltd anticipated that its assets may be impaired in June 2020. Land is measured by ‘X’ Ltd at fair value. At 30 June 2020, the entity revalued the land to its fair value of \$12 000. The land had previously been revalued upwards by \$2 000. As a result of its impairment testing, ‘X’ Ltd calculated that the recoverable amount of the entity’s assets was \$145 600. The carrying amounts of the assets of ‘X’ Ltd prior to adjusting for the impairment test and the revaluation of the land were as follows.

 Non-current assets Buildings \$340 000 Accumulated depreciation (77 600) Land (at fair value 1/7/2019) 51 200 Plant and equipment 581 600 Accumulated depreciation (300 000) Goodwill 24 000 Accumulated impairment losses (17 600) Trademarks — labels 32 000 Current assets Cash 2 800 Receivables 3 600

Required:

1. Prepare the journal entries required on 30 June 2020 in relation to the measurement of the assets of ‘X’ Ltd.
2. Assume that, as the result of the allocation of the impairment loss, the plant and equipment was written down to \$256 000. If the fair value less costs of disposal of the plant and equipment was determined to be \$240 000, outline the adjustments, if any, that would need to be made to the journal entries you prepared in part 1 of this question, and explain why adjustments are or are not required.

### ACCT20073 Company Accounting

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## More ACCT20073 ACCT20073 Company Accounting: Questions & Answers

Q

With reference to above statement describe what is meant by the value chain. Explain how the value chain may be used to estimate costs. Describe each segment of the value chain and explain why information about costs in the various segment of the value chain can be useful to managers. ...

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You have to use AXS 50 website and download annual reports of top 50 company's of Australia of year 2014,2015,2016 and use this two variables 1. independent director 2. performance ( profit/loss) and make detail reports of your findings in a form of table and find a correlation between your findings ...

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Abstract: This paper examines the role of the corporate objective function in increasing corporate productivity, social welfare, and the accountability of managers and directors. Because it is logically impossible to maximise in more than one dimension, purposeful behavior requires a “single-v ...

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Question 1                         Total 8 marks  On 1 July 2012, Weston Ltd paid \$140,000 to acquire a machine that was to be used to manufacture steel cables. On this date, ...

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