Question
In: Accounting
Beans Ltd purchased a machine costing $1,000,000 including installation costs of $300 on 1 January 2020...
Beans Ltd purchased a machine costing $1,000,000 including installation costs of $300 on 1 January 2020 for cash. The estimated useful life of the machine was 8 years with no salvage value.
On 31 December 2023, the useful life of the machinery was adjusted to 5 years from the date of purchase.
Required:
Provide the journal entries relating to this machinery for 2021, 2022 and 2023.
|
Date |
Particulars |
Dr ($) |
Cr ($) |
|
01/01/21 |
|||
|
Acquisition of machine |
|||
|
31/12/21 |
|||
|
Annual depreciation = |
|||
|
31/12/22 |
|||
|
Annual depreciation |
|||
|
31/12/23 |
|||
|
Annual depreciation = |
|||
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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