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In: Accounting
Question 3 - Week 3 (11 marks) TAKULAH Traders Ltd purchased a machine for $650 000...
Question 3 - Week 3 TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance of $110 000 at 30 June 2022. Its fair value is assessed at this time, with its first revaluation as $450 000. The machine’s useful life is expected to be 5 more years and the residual value to be $50 000. On 1 July 2023 the asset’s fair value is $460 000 and the residual value and useful life are expected to be unchanged (that is, there is 4 years of remaining life).
Required: Provide the journal entries necessary to account for all the above transactions and events up to 1 July 2023, in accordance with AASB 116 if the revaluation is undertaken.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
TAKULAH Traders Ltd purchased a machine for $650 000 and there was an accumulated depreciation balance...
TAKULAH Traders Ltd purchased a machine for $650 000 and there
was an accumulated depreciation balance of $110 000 at 30 June
2022. Its fair value is assessed at this time, with its first
revaluation as $450 000. The machine’s useful life is expected to
be 5 more years and the residual value to be $50 000. On 1 July
2023 the asset’s fair value is $460 000 and the residual value and
useful life are expected to be unchanged...
Question 1 Week 7 (7 marks) Jaguar Ltd purchased a machine on 1 July 2016 at...
Question 1 Week 7 Jaguar Ltd purchased a machine on 1
July 2016 at the cost of $640,000. The machine is expected to have
a useful life of 5 years (straight-line basis) and no residual
value. For taxation purposes, the ATO allows the company to
depreciate the asset over 4 years. The profit before tax for the
company for the year ending 30 June 2017 is $600,000. To calculate
this profit the company has deducted $60,000 entertainment expense,
and $80,000...
Question 2 (11 marks) (This question is from the Week 3 and Week 4 Tutorials) Sally...
Question 2 (This question is from the Week 3 and Week
4 Tutorials) Sally has $50 000. She wants to save $120 000 to
deposit for her first home loan. She decided to put that $50 000 in
an investment fund that pays an interest rate of 11% per annum (per
year), compounding annually. Required:
a. How long does she need to wait until she has saved $120 000?
b. If Sally wishes to have that $120 000 in five...
Question 3 - Week 6 (11 marks) A new company, is being established to manufacture and...
Question 3 - Week 6 A new company, is being
established to manufacture and sell an electronic tracking device:
the Trackit. The owners are excited about the future profits that
the business will generate. They have forecast that sales will grow
to 2,600 Trackits per month within five months and will be at that
level for the remainder of the first year. The owners will invest a
total of $250,000 in cash on the first day of operations (that is...
Question 3 - Week 6 (11 marks) A new company, is being established to manufacture and...
Question 3 - Week 6
A new company, is being established to manufacture and sell an
electronic tracking device: the Trackit. The owners are excited
about the future profits that the business will generate. They have
forecast that sales will grow to 2,600 Trackits per month within
five months and will be at that level for the remainder of the
first year.
The owners will invest a total of $250,000 in cash on the first day
of operations (that is...
Question 6 (11 marks) (Note this question is from the Week 11 Tutorial) There are four...
Question 6 (Note this question is from the Week 11
Tutorial) There are four (4) main transmission channels that can be
used as monetary policy to target the official interest rate.
Identify each of the four (4) transmission channels and explain,
within the context of monetary policy, the impact each channel has
on economic activity. (11 marks. Word limit Maximum 500 words)
Question 5 Week 9 (11 marks) (a) Jessica Ltd sold inventory during the current period to...
Question 5 Week 9 (a) Jessica Ltd sold inventory
during the current period to its wholly owned subsidiary, Amelie
Ltd, for $15 000. These items previously cost Jessica Ltd $12 000.
Amelie Ltd subsequently sold half the items to Ningbo Ltd for
$8000. The tax rate is 30%. The group accountant for Jessica Ltd,
Li Chen, maintains that the appropriate consolidation adjustment
entries are as follows:
Required (i) Discuss whether the entries suggested by Li Chen
are correct, explaining on...
Question 3 (11 marks) [Note this question is from the Week 5 Tutorial] Internal controls play...
Question 3 [Note this question is from the Week 5
Tutorial] Internal controls play an integral role in developing
reliable financial records that facilitates the decision-making
process. Further, a well-designed internal control system helps in
preventing or detecting errors and fraud. Realising the importance
of internal controls, the internal auditing department of Dynamic
Sportswear periodically reviews the accounting records of the
company to determine the effectiveness of the internal controls.
During the latest review, the internal audit department found the...
Question 3 - Week 11 (7 marks) The following quote appeared in an article entitled ‘Business...
Question 3 - Week 11 The following quote appeared in
an article entitled ‘Business and society in the coming decades’,
which was available on the website of McKinsey & Company
(accessed in October 2015). “There are compelling reasons companies
should seize the initiative to drive social and business benefits.
First, in an interconnected world facing unprecedented
environmental and social challenges, society will demand it.
Increasingly, a basic expectation among customers, governments, and
communities will be that the companies they do...
Question 6 (11 marks) (Note this question is from the Week 11 Tutorial) Required: A. Identify...
Question 6 (Note this question is from the Week 11
Tutorial) Required: A. Identify the four (4) key terms in Insurance
Law. B. Briefly explain what indemnity means in Insurance
Law. C. Briefly explain what the ‘doctrine of
subrogation’ means and discuss its effect on the parties to an
insurance contract. (Word limit: Minimum of 200 words.
Maximum of 300 words)
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