Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. do the part b please question 5 (con't) part

do the part b please Question 5 (con't) PART...

90.2K

Verified Solution

Question

Accounting

do the part b please
image
image
Question 5 (con't) PART B As at June 30, 2021, Hope Ltd reported the following non-current assets: Motor Vehicle Less: Accumulated Depreciation _320,000 (192,000) 128,000 Hope Ltd owns only one company car in the company, VW8888 and sold the car at $100,000 on September 30, 2021. The car was purchased on July 1, 2018 and had no residual value. I Required: Prepare the necessary journal entries for financial year 2022. Include narrations and show all your workings clearly (7 marks) (Total (10 + 3) + 720 marks) Peaceful Ltd's financial year ends on June 30. The company uses the Fair Value basis to value the company assets according to IAS16/AASB 116 Property, Plant and Equipment. On July 1, 2018, Peaceful Ltd purchased a machine for a total cost of $50,000. The estimated residual value of the machine at the end of its useful life is nil. Peaceful Ltd depreciates its non-current assets using the straight-line method at 25% per annum. These are the estimates of the following values as at June 30, 2021: Fair value Cost to sell Value in use $ 15,000 1,000 16,000 The residual value of the machine is estimated at $1,000 after the revaluation

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

(a) Considering Valuation Models, what type of dividend model is useful when we are examining/valuing one...

Medical Sciences
1.2K views

Q1. In order for a neuron to move from the absolute to the relative refractory period,...

Biology
1.2K views

The first and best-known DNA amplification technique isSanger sequencingOkazaki synthesisnext-generation sequencingthe polymerase chain reaction

Biology
1.2K views

Match this term to where you would most likely find it located The term is...

Physics
1.2K views

In a series LCR circuit the variation of peak current im with angular frequency w...

Physics
1.2K views

Two men A and B are standing on a plank B is at the middle...

Geometry
1.2K views

The quadrilateral shown is a parallelogram If

Algebra
1.2K views

Find the exact value of each trigonometric function without a calculator. (Use the Unit Circle)22....

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.)...

Accounting
1.2K views

Variance During the winter months, the New York City department of Social Services purchases blankets...

Accounting
1.2K views

you have decided to start a business. whatbwill you sell? Identify the three forms of...

Accounting
1.2K views

Even with the most complex worksheets, a primary goal is to ensure that the end-user...