Financial Accounting: Mcgraw-Hill Companies Answers Assessment Answer

Answer:

Journal Entries for the year 2015-16 and 2016-17:-

 

In the Books of ChiHerbal Ltd.

 Journal Entry
g>

     

Dr.

Cr.

Date

Particulars

Amount

Amount

 

 

 

($)

($)

1/8/2015

Motor Vehicle 1 A/c.

Dr.

126000

 

 

Repairs & Maintenance A/c.

Dr.

1250

 


 

To,

Cash A/c.

 

127250

 

(Being a second-hand motor vehicle purchased and its engine repaired in cash)

 

 

30/10/2015

Equipment A/c.

Dr.

34000

 

 

To,

Cash A/c.

 

34000

 

(Being an equipment purchased in cash)

 

 

31/12/2015

Repairs & Maintenance A/c.

Dr.

900

 

 

To,

Cash A/c.

 

900

 

(Being transmission of MV1 repaired and oil changed)

 

 

30/06/2016

Depreciation on MV1 A/c.

Dr.

19800

 

 

To

Accumulated Depreciation-MV1 A/c.

 

19800

 

(Being depreciation charged on MV1)

 

 

30/06/2016

Depreciation on Equipment A/c.

Dr.

2183

 

 

To

Accumulated Depreciation-Equipment A/c.

 

2183

 

(Being depreciation charged on equipment)

 

 

30/06/2016

Income Statement A/c.

Dr.

24133

 

 

To

Depreciation on MV1 A/c.

 

19800

 

To

Depreciation on Equipment A/c.

 

2183

 

To

Repairs & Maintenance A/c.

 

2150

 

(Being depreciation on MV1 & equipment and Repairs & Maintenance transferred to Income Statement)

 

 

13/07/2016

Repairs & Maintenance A/c.

Dr.

340

 

 

To,

Cash A/c.

 

340

 

(Being damaged bumper of MV1 repaired)

 

 

1/12/2016

Depreciation on MV1 A/c.

Dr.

9000

 

 

To

Accumulated Depreciation-MV1 A/c.

 

9000

 

(Being depreciation charged on MV1)

 

 

1/12/2016

Motor Vehicle -2 A/c.

Dr.

272000

 

 

Accumulated Depreciation - MV 1 A/c.

Dr.

28800

 

 

To,

Motor Vehicle-1 A/c.

 

102000

 

To,

Cash A/c.

 

170000

 

To,

Profit on Sale of Asset A/c.

 

28800

 

(Being old motor vehicle exchanged with new motor vehicle, the balance cost of the new one paid in cash)

 

 

30/06/2017

Depreciation on MV2 A/c.

Dr.

19833

 

 

To

Accumulated Depreciation-MV2 A/c.

 

19833

 

(Being depreciation charged on MV2)

 

 

30/06/2017

Depreciation on Equipment A/c.

Dr.

3275

 

 

To

Accumulated Depreciation-Equipment A/c.

 

3275

 

(Being depreciation charged on equipment)

 

 

30/06/2017

Accumulated Depreciation-Equipment A/c.

Dr.

5458

 

 

To

Equipment A/c.

 

3338

 

To

Revaluation Surplus A/c.

 

2120

 

(Being Equipment revalued at current fair value)

 

 

30/06/2017

Income Statement A/c.

Dr.

30328

 

 

Revaluation Surplus A/c.

Dr.

2120

 

 

To

Depreciation on MV1 A/c.

 

9000

 

To

Depreciation on MV2 A/c.

 

19833

 

To

Depreciation on Equipment A/c.

 

3275

 

To

Repairs & Maintenance A/c.

 

340

 

(Being depreciation on MV1,MV2 & Equipments, Repairs & Maintenance and revaluation surplus transferred to Income Statement)

 

 

 

 

 

 

 

30/06/2017

Profit on Sale of Asset A/c.

Dr.

28800

 

 

To

Capital Reserve A/c.

 

28800

 

(Being depreciation charged on equipment)

 

 

 

Bibliography:-

Christensen, T. E., Baker, R. E., & Cottrell, D. M. (2014). Advanced Financial Accounting. The McGraw-Hill Companies, Inc

Weil, R. L., Schipper, K., & Francis, J. (2013). Financial accounting: an introduction to concepts, methods and uses. Cengage Learning

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