AFAR_TMA2_Working File.xlsx - Apex Trading 2 New machines for cash Machine A = RM40,000 Machine B = RM100,000 Depreciation policy Useful life of 10 yrs

AFAR_TMA2_Working File.xlsx - Apex Trading 2 New machines...

This preview shows page 1 - 6 out of 10 pages.

Apex Trading Depreciation policy: * 2 New machines for cash 01/01/2002 * Useful life of 10 yrs 2002-31/12/2011 Machine A = RM40,000 * Residual value Machine B = RM100,000 RM2,000 for Machine A RM5,000 for Machine B
Image of page 1

Subscribe to view the full document.

Machine A Machine 01/01/02 Cash 40,000 31/12/02 Bal c/d 40,000 0/01/02 Cash 100,000 40,000 40,000 01/01/03 Bal b/d 40,000 31/12/02 Bal c/d 40,000 40,000 40,000 01/01/04 Bal b/d 40,000 31/12/04 Bal c/d 40,000 40,000 40,000 Cash in Hand 01/01/02 Mac A 40,000 01/01/02 Mac B 100,000
Image of page 2
e B
Image of page 3

Subscribe to view the full document.

Apex Trading Depreciation policy: * 2 New machines for cash 01/01/2002 * Useful life of 10 yrs 2002-31/12/2011 Machine A = RM40,000 * Residual value: Machine B = RM100,000 RM2,000 for Machine A * Traded-in 1 new machine on 31/03/04 RM5,000 for Machine B Machine C = RM64,000 Machine A: * Depreciate RM3,800 pa Revalued for machine B Machine B: RM75,000 for machine B ### * Depreciate RM9,500 pa RM63,000 for machine C ### Machine C: * Useful life of 8 yrs * Residual value is RM8,000 * Depreciation RM7,000 pa RM40,000 - RM8,550 = RM31,450 RM28,000 - RM31,450 = (RM3,450)
Image of page 4
Journal Entries Date Account Name Debit (RM) Credit (RM) 1/1/2002 Dr Machine (A & B) (40,000 + 100,000) 140,000 1/1/2002 Cr Cash 140,000 6/30/2002 Dr Depreciation - A & B 6,650 6/30/2002 Cr Acc Depreciation - A & B 6,650 6/30/2002 Dr SOCI 6,650 6/30/2002 Cr Depreciation - A & B 6,650 6/30/2003 Dr
Image of page 5

Subscribe to view the full document.

Image of page 6
  • Winter '16
  • Winnie Wong
  • Depreciation, #, 3 months, 6 years, 750 750 Year

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes