Evaluation of Asset Impairments By Australians

COMPANY ACCOUNTING

Contents
Question-1..................................................................................................................................2
Question-2..................................................................................................................................2
References..................................................................................................................................5

Question-1
Journal of X limited
X limited
Journal Entries
Amount in $
Date Particulars Debit Credit
01-01-2018 Machine A A/C Dr 4000
Machine B A/C Dr 10000
To Cash A/C 14000
(Being machine A and machine B purchased for
cash)
30-06-2018 Depreciation A/C Dr. 665.00
To Machine A A/C 190.00
To Machine B A/C 475.00
(Being depreciation charged on
machine and machine B)
30-06-2018 P&L A/C Dr. 665
To Depreciation A/C 665
(Being depreciation transferred to P&L A/C)
30-06-2019 Revaluation A/C
Dr
. 1135.0
To Machine A A/C 610
To Machine B A/C 525
(Being revaluation loss occurred)
30-06-2019 Depreciation A/C
Dr
.
1456.2
5
To Machine A A/C 381.25
To Machine B A/C 1075
(Being depreciation charged )
30-06-2019 P&L A/C
Dr
.
1456.2
5
To depreciation A/C
1456.2
5
(Being depreciation transferred to
P&L A/C)
02-01-2020 Machine B (repairing) A/C
Dr
.
6600.0
0
To cash A/C 6600
(Being repaired expenses occurred on machine B)
31-03-2020 Machine C A/C
Dr
.
6400.0
0
To Machine A A/C
2800.0
0