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Accounting Theory and Current Issues

   

Added on  2023-01-06

10 Pages1562 Words53 Views
Accounting Theory
And
Current Issues
Accounting Theory and Current Issues_1
Contents
Question 3 - Week 3........................................................................................................................3
Question 2 - Week 5........................................................................................................................5
Question 2 - Week 6........................................................................................................................5
Question 3 - Week 9........................................................................................................................7
Question 3 - Week 10......................................................................................................................9
a....................................................................................................................................................9
b...................................................................................................................................................9
Question 4........................................................................................................................................9
a....................................................................................................................................................9
b.................................................................................................................................................10
Accounting Theory and Current Issues_2
Question 3 - Week 3
On 30th June, 2020:
Machine Cost: $650000
Accumulated Depreciation: $110000
Value After Revaluation: $450000
Useful Life of machine: 5 year
Residual Value: $50000
On 1st July 2023
Fair Value of Machine: $460000
Computation of value of machine and revolution effects:
Machine Cost 650000
Less: Accumulated
Depreciation
110000
540000
Revalued At 450000
Decrease in value due to
revaluation
90000
Depreciation during period 2022-23 = (450000 - 50000)/5 = 80000
Value as on 1st July after depreciation = 450000 – 80000 = 370000
Fair Value As on 1st July 2023 = 460000
Increase in Value of Machine = 90000
Journal Entries:
Accounting Theory and Current Issues_3

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