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Intermediate Financial Accounting (PDF)

   

Added on  2021-05-31

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Running head: INTERMEDIATE FINANCIAL ACCOUNTINGIntermediate Financial AccountingName of the Student: Name of the University: Author’s Note:
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1INTERMEDIATE FINANCIAL ACCOUNTINGTable of ContentsAnswer to Question No. 1:..............................................................................................................2Answer to Question No 2................................................................................................................3Answer to Question No 3................................................................................................................5Reference List..................................................................................................................................7
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2INTERMEDIATE FINANCIAL ACCOUNTINGAnswer to Question No. 1:Dr.Cr.DateAmountAmount01-07-2014Machinery A/c.Dr.$7,00,000To,Bank A/c.$7,00,00030-06-2015Depreciation Expense A/c.Dr.$60,000To,Accumulated Depreciation - Machinery A/c.$60,000Accumulated Depreciation - Machinery A/c.Dr.$60,000To,Machinery A/c.$15,000To,Gain on Revaluation A/c.$45,000Income Statement A/c.Dr.$60,000To,Depreciation Expense A/c.$60,000Gain on Revaluation A/c.Dr.$45,000To,Asset Revaluation Reserve A/c.$45,00030-06-2016Depreciation Expense A/c.Dr.$65,000To,Accumulated Depreciation - Machinery A/c.$65,000Income Statement A/c.Dr.$65,000To,Depreciation Expense A/c.$65,00030-06-2017Depreciation Expense A/c.Dr.$65,000To,Accumulated Depreciation - Machinery A/c.$65,000Loss on Revaluation A/c.Dr.$35,000Accumulated Depreciation - Machinery A/c.Dr.$1,30,000To,Machinery A/c.$1,65,000Particulars
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