Prepare only the Property, plant and equipment reconciliation note of Still Waters Ltd for the financial year ended 31 December 2020
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Prepare only the Property, plant and equipment reconciliation note of Still Waters Ltd for the financial year ended 31 December 2020
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- The following trial balance was extracted from the ledger of Juliana at 31 December 2020. Juliana Trial Balance as at 31 December 2020 RM RMLand at cost 26,000Plant at cost 83,000 Accumulated Depreciation at 1 January 2020- Plant 13,000Office Equipment 33,000Accumulated Depreciation at 1 January 2020Office Equipment 8,000Receivables 198,000Payables 52,000Sales 763,000Purchases…The following information was extracted from the financial records including the asset register for Fit Line Gym for the year ended 31 December 2020: Property, plant & equipment: Buildings Gym Equipment Furniture & Fittings Balances at 1 January 2020 R R Cost 550 000 275 000 88 000 Accumulated depreciation (27 500) (140 000) (23 500) Additional information: 1. Accounting policies with regards to depreciation of property, plant and equipment: 1.1 Buildings are depreciated at 2% per year on the fixed instalment method. 1.2 Gym equipment is depreciated at 20% per year using the reducing balance method. 1.3 Furniture and fittings are depreciated on the fixed instalment method over an estimated useful life of 4 years. 2. The following transactions which are not included in the above balances, took place during the financial year ended 31 December 2020:The following balances were extracted from the books of Billion Precision for the yearended 31 December 2020.Dr (RM) Cr (RM)Land 500,000Building 200,000Motor vehicles 120,000Plant and machinery 70,000Profit b/f as at 01.01.2020 237,650Capital 438,000Acc depreciation as at 1.1.2020 :-Building 60,000-Motor Vehicles 69,250-Plant & Machinery 40,000Returns 3,600 4,100Revenue 800,000Purchases 400,000Discounts 5,0006Carriage inwards 7,700Opening inventory 52,000Provision for bad debts 2,000Trade receivables / Trade payable 66,000 43,200Advertising 18,000Staff training cost 4,000Bad debts 12,500Motor expenses 27,000Rental 90,000Bank 7,600Wages and salaries 126,0001,701,800 1,701,800Additional information:i.i. The provision for bad debts should be 4% of trade receivables.ii. Depreciation is to be charged as follows:-Buildings 2% on cost.-Plant and machinery 20% on cost.-Vehicles 25% on cost.iii. The closing inventories is valued at RM57,000.Required:a. Prepare the Statement of Comprehensive…
- The following trial balance was extracted from the ledger of Juliana at 31 December 2020.JulianaTrial Balance as at 31 December 2020RMRMLand at cost26,000Plant at cost83,000Accumulated Depreciation at 1 January 2020- Plant13,000Office Equipment33,000Accumulated Depreciation at 1 January 2020Office Equipment8,000Receivables198,000Payables52,000Sales763,000Purchases516,000Returns inwards47,000Discount allowed4,000Capital at 1st January 2020230,000Drawings14,000Provision for doubtful debts at 1 January 202023,000Salaries Expense44,000Administration costs38,000Bank75,000Bad debts written off77,000Inventory at 1 January 202084,0001,164,0001,164,000Additional information: Closing inventory is RM74,000. Depreciation on plant is charged at 10% per annum on cost. Depreciation on office equipment is charged at 20% per annum using the reducing balance method. Administration costs include insurance prepaid of RM3,000. Salary accrued amount to RM2,000. The allowance for receivables is to…The following balances appeared in the books of Santiago Traders on 1 March 2020:Land and Buildings900 000Vehicles250 000Machinery200 000Accumulated Depreciation on Vehicles?Accumulated Depreciation on Machinery?Additional information:• A new building was purchased for cash on the 1st September 2020 for R1 000 000.• The vehicles balance at 1 March 2020 consists of two vehicles. Vehicle A with a cost price of R120 000 was sold on the 31st October 2020 on credit to Miss Smith for R60 000. The vehicle was purchased on the 31 May 2018. Vehicle B was purchased on the 1 March 2019.• Purchased a new delivery vehicle (Vehicle C) for R345 000 on credit from N&N Motors on 1 December 2020• All machinery was purchased on the 30 April 2017• The depreciation policy on non-current assets are as follows:o Vehicles: 20% on cost using the straight-line method and no residual valueo Machinery: 10% per annum using the diminishing balance method and no residual value• IGNORE VAT• Santiago Traders has a…Study the information given below and answer the following questions:5.1 Calculate the profit or loss on the disposal of the equipment. 5.2 Prepare the following note to the financial statements as at 28 February 2020:* Property, plant and equipment INFORMATIONThe following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year:RVehicles 300 000Accumulated depreciation on vehicles 140 000Equipment 130 000Accumulated depreciation on equipment 75 000Additional information1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019.2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019.3) Depreciation is calculated on equipment at 10% per annum on cost.4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.
- The following information was extracted from the financial records including the asset register for Fit Line Gym for the year ended 31 December 2020: Property, plant & equipment:Balances at 1 January 2020 Buildings : Cost- 550 000 Accumulated depreciation- (27 500) Gym Equipment: Cost- 275 000 Accumulated depreciation- (140 000) Furniture & Fittings: Cost- 88 000 Accumulated depreciation- (23 500) Additional information:1. Accounting policies with regards to depreciation of property, plant and equipment:1.1 Buildings are depreciated at 2% per year on the fixed instalment method.1.2 Gym equipment is depreciated at 20% per year using the reducing balancemethod. 1.3 Furniture and fittings are depreciated on the fixed instalment method overan estimated useful life of 4 years.2. The following transactions which are not included in the above balances, took place during the financial year ended 31 December 2020:2.1 Due to increased membership, the owner decided to extend the…The following information was extracted from the financial records including the asset register for Fit Line Gym for the year ended 31 December 2020: Property, Plant & Equipment: Balance at 1 January 2020 Buildings R Gym Equipment R Furniture & Fittings R Cost Accumulated depreciation 550 000 (27 500) 275 000 (140 000) 88 000 (23 500) Additional information: Accounting policies with regards to depreciation of property, plant and equipment: 1.1 Buildings are depreciated at 2% per year on the fixed instalment method. 1.2 Gym equipment is depreciated at 20% per year using the reducing balance method. 1.3 Furniture and fittings are depreciated on the fixed instalment method over an estimated useful life of 4 years. The following transactions which are not included in the above balances, took place during the financial year ended 31 December 2020: 2.1 Due to increased membership, the owner decided to extend the building and install new fixtures…The following information was extracted from the financial records includingthe asset register for Fit Line Gym for the year ended 31 December 2020: Property, plant & equipment:Balances at 1 January 2020 BuildingsR Gym Equip-ment - R Furniture &Fittings - R CostAccumulated depreciation 550 000(27 500) 275 000(140 000) 88 000(23 500) Additional information: 1. Accounting policies with regard to depreciation of property, plant and equipment: 3 1.1 Buildings are depreciated at 2% per year on the fixed instalment method. 1.2 Gym equipment is depreciated at 20% per year using the reducing balancemethod.1.3 Furniture and fittings are depreciated on the fixed instalment method overan estimated useful life of 4 years. 2. The following transactions which are not included in the above balances, tookplace during the financial year ended 31 December 2020: 2.1 Due to increased membership, the owner decided to extend the building andinstall new fixtures and fittings. Extension to the…
- 1 Calculate the profit or loss on the disposal of the equipment. 2 Prepare the following note to the financial statements as at 28 February 2020: * Property, plant and equipment INFORMATION The following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year: Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019. 2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019. 3) Depreciation is calculated on equipment at 10% per annum on cost. 4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000Based on the data provided, what is the debit to accumulated depreciation recorded in 2023? * The following items were listed at cost by Cake Company and are depreciated according to the straight-line method: Land Building Machinery & Equipment Total Accumulated Depreciation Net Book Value 12/31/2022 P 2,000,000.00 10,560,000.00 5,560,000.00 P 18,120,000.00 3,200,000.00 P 14,920,000.00 12/31/2023 P 2,000,000.00 10,560,000.00 5.200.000.00 P 17,760,000.00 3,200,000.00 P 14,560,000.00 Cake depreciation expense for 2023 and 2022 were P 440,000 and P 400,000, respectively. Based on the data provided, what is the debit to accumulated depreciation recorded in 2023?