ACC204 Assignment: Depreciation Methods, Asset Revaluation & Leases
VerifiedAdded on 2023/04/21
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Homework Assignment
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This document provides a detailed solution to an ACC204 assignment, covering various aspects of financial accounting. It includes the calculation of depreciation using the straight-line method, sum-of-digits method, declining balance method, and units of production method. The assignment also addresses journal entries related to the revaluation of residential and factory land, as well as building assets. Furthermore, it delves into lease accounting, presenting calculations for lease rent, gross investment, present value of lease rent and unguaranteed residual value, along with corresponding journal entries for both the lessor (City Vans Ltd) and the lessee (Deliveries Ltd). Finally, the assignment includes calculations and journal entries related to annual leave costs for Lightning Bolt Ltd, demonstrating the recognition of annual leave expenses and the accounting treatment for employees taking leave.
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