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Cost Of Machine

680,000

Life of Machine

6 years

Residual Value

50,000

Straight Line Method

Depreciation per year

=

Total Cost-Salvage Value

Life of the asset

=

680000-50000

6

=

1,05,000

Depreciation for year ending

Amount

Jun-16

52,500

Jun-17

1,05,000

Jun-18

1,05,000

Jun-19

1,05,000

Jun-20

1,05,000

Diminishing Balance Method

Depreciation rate per year

=

1-(Estimated Scrap/Original Value)^(1/Life of the asset)

=

1-(50000/680000)^(1/6)

=

                                       0.35

Depreciation for year ending

Opening Value

Depreciation

WDV

Jun-16

              6,80,000

                               1,19,000

         5,61,000

Jun-17

              5,61,000

                               1,96,350

         3,64,650

Jun-18

              3,64,650

                               1,27,628

         2,37,023

Jun-19

              2,37,023

                                   82,958

         1,54,065

Jun-20

              1,54,065

                                   53,923

         1,00,142

Date

Particulars

Debit Amount

Credit Amount

Dec-01

Hairdressing Equipment ……….dr

             57,000

To Deposit for Hairdressing Equipment

5,000

To Creditor for Hairdressing Equipment

              52,000

(Being Hairdressing equipment purchased with $5000 as deposit and $52000 payable in 60 days)

Dec-03

H. Horton Drawings ……….dr

               1,400

To Cash at Bank

1,400

(Being Drawn for personal use)

Dec-08

Salaries Expense ……….dr

               7,200

To Cash at Bank

7,200

(Being Salary expenses paid)

Dec-14

Capital and Advertising Expense……….dr

600

To Cash at Bank

    600

(Being Advertisement expenses incurred and paid)

Dec-19

Cash at Bank ……….dr

830

To Accounts Receivable

    830

(Being balance received from customers)

Dec-23

Accounts Payable ……….dr

               2,400

To Cash at Bank

2,400

(Being payment made for supplies purchased on credit)

Dec-27

Cash at Bank ……….dr

             85,000

To H. Horton Capital

              85,000

(Being inheritance received which is to be used in business)

Dec-30

Cash at Bank ……….dr

              46,080

Accounts Receivable……….dr

            11,520

To Lesson Revenue

             57,600

(Being Lesson revenue earned of which $ 11520 is to be received in a month)

Accounts Payable

Particulars

Amount

Particulars

Amount

To Cash at Bank

     2,400

By Bal c/d

     2,400

     2,400

     2,400

Accounts Receivable

Particulars

Amount

Particulars

Amount

To Lesson Revenue

    11,520

By Cash at Bank

        830

By Bal c/d

    10,690

    11,520

    11,520

Capital and Advertising Expense

Particulars

Amount

Particulars

Amount

To Cash at Bank

        600

By Bal c/d

        600

        600

        600

Cash at Bank

Particulars

Amount

Particulars

Amount

To Accounts Receivable

        830

By H. Horton Drawings

     1,400

To H. Horton Capital

    85,000

By Salaries Expense

     7,200

To Lesson Revenue

    46,080

By Capital and Advertising Expense

        600

By Accounts Payable

2400

By Bal c/d

 1,20,310

 1,31,910

    11,600

Creditor for Hairdressing Equipment

Particulars

Amount

Particulars

Amount

To Bal c/d

    52,000

By Hairdressing Equipment

    52,000

    52,000

    52,000

Deposit for Hairdressing Equipment

Particulars

Amount

Particulars

Amount

To Bal c/d

     5,000

By Hairdressing Equipment

     5,000

     5,000

     5,000

H. Horton Capital

Particulars

Amount

Particulars

Amount

To bal c/d

    85,000

By Cash at Bank

    85,000

    85,000

    85,000

H. Horton Drawings

Particulars

Amount

Particulars

Amount

To Cash at Bank

     1,400

By Bal c/d

     1,400

     1,400

     1,400

Hairdressing Equipment

Particulars

Amount

Particulars

Amount

To Deposit for Hairdressing Equipment

     5,000

By Bal c/d

    57,000

To Creditor for Hairdressing Equipment

    52,000

    57,000

    57,000

Lesson Revenue

Particulars

Amount

Particulars

Amount

To bal c/d

    57,600

By Cash at Bank

    46,080

By Accounts Receivable

    11,520

    57,600

    57,600

Salaries Expense

Particulars

Amount

Particulars

Amount

To Cash at Bank

     7,200

By Bal c/d

     7,200

     7,200

     7,200

Moving Average

Average Rate

=

Units*Rate

Total Unit

=

(90*7)+(90*8)+(110*9)

90+90+110

=

2340

290

=

                                     8.07

Date

Particular

Units

Rate

Value

01-May

Opening Stock

90

          7.00

     630.00

03-May

Purchased

90

          8.00

     720.00

10-May

Purchased

110

          9.00

     990.00

12-May

Sold

-90

          8.07

    -726.30

17-May

Sold

-80

          8.07

    -645.60

25-May

Sold

-40

          8.07

    -322.80

30-May

Closing Stock

80

          8.07

     645.30

Cost Of Sales

             1,694.70

FIFO

Date

Particular

Units

Rate

Value

01-May

Opening Stock

90

          7.00

     630.00

03-May

Purchased

90

          8.00

     720.00

10-May

Purchased

110

          9.00

     990.00

12-May

Sold

-90

          7.00

    -630.00

17-May

Sold

-80

          8.00

    -640.00

25-May

Sold

-10

          8.00

      -80.00

25-May

Sold

-30

          9.00

    -270.00

30-May

Closing Stock

80

          8.07

     720.00

Cost Of Sales

             1,620.00

References

Bragg, S n.d., Closing the books, 1st edn.

Harrison, W, Horngren, C & Thomas, C 2015, Financial accounting, 1st edn, Pearson, Boston.

Ittelson, T n.d., Financial statements, 1st edn.

Libby, R, Libby, P & Hodge, F n.d., Financial accounting, 1st edn.

Loughran, M 2011, Financial Accounting for Dummies, 1st edn.

May, G 2011, The encyclopedia of journal entries, 1st edn, AIPB, Rockville, MD.

Picker, R 2010, Australian accounting standards, 1st edn, John Wiley & Sons Australia, Ltd, Milton, Qld.

Piper, M 2015, Accounting made simple, 1st edn, [CreateSpace Pub.], [United States].

Rahman, A n.d., The Australian Accounting Standards Review Board, 1st edn.

SPEEDY PUBLISHING LLC., 2014, ACCOUNTING JOURNAL, SINGLE ENTRY LEDGER, 1st edn, SPEEDY PUBLISHING LLC, [S.l.].

Spiceland, J, Thomas, W & Herrmann, D 2014, Financial accounting, 1st edn, McGraw-Hill, New York, NY.

Weygandt, J, Kimmel, P & Kieso, D n.d., Financial accounting, 1st edn.

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My Assignment Help. (2022). Solutions For Depreciation, Accounting Entries, And Inventory Cost Calculation In Essay.. Retrieved from https://myassignmenthelp.com/free-samples/tacc203-financial-accounting-and-reporting/corporate-accounting-management-file-A8618F.html.

"Solutions For Depreciation, Accounting Entries, And Inventory Cost Calculation In Essay.." My Assignment Help, 2022, https://myassignmenthelp.com/free-samples/tacc203-financial-accounting-and-reporting/corporate-accounting-management-file-A8618F.html.

My Assignment Help (2022) Solutions For Depreciation, Accounting Entries, And Inventory Cost Calculation In Essay. [Online]. Available from: https://myassignmenthelp.com/free-samples/tacc203-financial-accounting-and-reporting/corporate-accounting-management-file-A8618F.html
[Accessed 29 March 2024].

My Assignment Help. 'Solutions For Depreciation, Accounting Entries, And Inventory Cost Calculation In Essay.' (My Assignment Help, 2022) <https://myassignmenthelp.com/free-samples/tacc203-financial-accounting-and-reporting/corporate-accounting-management-file-A8618F.html> accessed 29 March 2024.

My Assignment Help. Solutions For Depreciation, Accounting Entries, And Inventory Cost Calculation In Essay. [Internet]. My Assignment Help. 2022 [cited 29 March 2024]. Available from: https://myassignmenthelp.com/free-samples/tacc203-financial-accounting-and-reporting/corporate-accounting-management-file-A8618F.html.

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