Red Rider Sports Ltd Income Statement And Tong Manufacturing Depreciation Schedule
- December 21, 2023/ Uncategorized
Problem 1: Income Statement for Red Rider Sports Ltd
Problem 1: Income Statement
The financial controller for Red Rider Sports Ltd was stranded in the Philippines because of a recent typhoon. Their new financial accountant had to prepare financial statements for the fiscal year ending 30 June 2014 for management.
Below is a “draft” of the income statement prepared by the financial accountant.
Red Rider Sports Ltd Income Statement
|
Sales |
2,550,500 |
|
Expenditures and Costs Cost of Goods Sold |
1,020,200 |
|
Advertising Expense |
127,000 |
|
Bank Service charges |
2,200 |
|
Auto & Truck Expense |
6,200 |
|
Salaries & Wages Expense |
850,000 |
|
Credit Card Discount Expense |
49,000 |
|
Depreciation Expense |
10,000 |
|
Dividends Paid |
25,000 |
|
Telephone Expense |
7,200 |
|
Travel Expense |
5,500 |
|
Utilities Expense |
16,800 |
|
Office Expense |
7,800 |
|
General Liability Insurance |
14,200 |
|
Purchase Discounts |
40,800 |
|
Rent Expense |
60,000 |
|
Repairs & Maintenance |
4,800 |
|
Supplies Expense |
2,400 |
|
Sales Returns |
76,000 |
|
Sales Discounts |
100,500 |
|
Total Expenses and Costs |
2,425,600 |
|
Profit from Operations |
124,900 |
The individual amounts above are correct; however, some of the amounts are not reported correctly. The income statement was not acceptable per management and they sent the draft to you for editing.
Required:
a. Prepare an appropriate income statement for the year ending 30 June 2014. Include percentages for each line item based on gross sale.
b. Compare your income statement with the draft and explain the differences to management.
c. If Red Rider Sports Ltd credit card fee is normally 2.2% credit card sales, what were the dollar amounts of their (1) cash sales and (2) their credit card sales?
Problem 2. Depreciation
Tong Manufacturing Ltd. started in Jan 2011, and has a fiscal year end of 30 June. The new CFO of Tong Manufacturing needs an updated depreciation schedule following the format show below. The information is needed in this format to compare with old depreciation software and to input your data into the new software. The format and the list of depreciable assets are on the following page.
Your calculations will also be used as supporting schedules for the year-end financial audit beginning in July of 2014 for fiscal year ending 30 June 2014.
Tong Manufacturing Ltd purchased machine Model 502 on 1 October 2012. The machine was not ready for full production until 1 January 2013.
Information that may be needed for your depreciation calculations is as follows:
|
Machinery 502: |
|||||
|
Purchase Price |
90,000 |
||||
|
Shipping in |
7,500 |
||||
|
GST |
9,000 |
||||
|
Set up Preparation |
2,600 |
||||
|
Set up Costs |
12,000 |
||||
|
Trial run costs |
3,500 |
||||
|
Interest cost during set up |
400 |
||||
|
Residual value |
10,000 |
||||
|
Repair damage during installation |
3,500 |
||||
|
Estimated useful life: |
8 years or |
50,000 |
units |
||
|
Units of production |
Year: Jan-June 2013 |
3500 |
units |
||
|
Units of production |
2013-14 |
8500 |
units |
||
|
Residual value: |
$ 10,000 |
|
Machinery 501: |
||||
|
Estimated useful life: |
8 years or |
24,000 |
units |
|
|
Units of production |
2011 |
2,000 |
units |
|
|
2011-12 |
4,000 |
units |
||
|
2012-13 |
3,500 |
units |
||
|
2013-14 |
3,500 |
|||
|
Residual value: |
$ 3,000 |
Required:
a. Prepare a worksheet in good form showing the capitalised cost of Machine 502 and explanations for any amounts you did not use.
b. Prepare a supporting worksheet with your calculations for each asset on the depreciation schedule to show the CFO how your calculations were prepared. Show the depreciation calculations for each asset for each fiscal year. (You must show how you calculated the reclining balance rates.)
c. Create and complete the depreciation schedule with the numbers from your supporting worksheets.
|
Tong Manufacturing Ltd |
||||||||
|
Depreciation schedule for fiscal year 2013-2014 |
||||||||
|
Cost |
Prior |
Prior Year |
Deprec. |
Deprec |
Current Yr |
|||
|
Asset Description |
Date |
Basis |
Residual |
Accum. |
Book Value |
Life Yrs |
Method |
Deprec. |
|
Value |
Deprec. |
Carry Amt |
or unit |
Expense |
||||
|
Building |
1 Jan 2011 |
550,000 |
100,000 |
??? |
??? |
20 |
SL |
??? |
|
Land |
1 Jan 2011 |
190,000 |
??? |
??? |
??? |
??? |
??? |
??? |
|
5 desks |
1 Jan 2011 |
7,500 |
– |
??? |
??? |
20 |
SL |
??? |
|
5 computers/monitors |
1 Jan 2011 |
6,000 |
900 |
??? |
??? |
6 |
RB |
??? |
|
1 computer server |
1 Jul 2011 |
2,500 |
375 |
??? |
??? |
6 |
RB |
??? |
|
Server Cabinet |
1 Jul 2011 |
1,500 |
– |
??? |
??? |
10 |
SL |
??? |
|
Machinery 501 |
1 Jan 2011 |
45,000 |
3,000 |
??? |
??? |
24,000 |
UOP |
??? |
|
3 desks |
1 Jul 2012 |
4,800 |
– |
??? |
??? |
20 |
SL |
??? |
|
5 chairs |
1 Jul 2012 |
1,250 |
– |
??? |
??? |
10 |
SL |
??? |
|
3 computers |
1 Jul 2012 |
3,600 |
540 |
??? |
??? |
6 |
RB |
??? |
|
Reception Desk |
1 Jul 2012 |
4,500 |
– |
??? |
??? |
10 |
SL |
??? |
|
2012 Nissan delivery Van |
1 Jul 2012 |
46,750 |
5,000 |
??? |
??? |
6 |
RL |
??? |
|
Machinery 502 |
??? |
??? |
10,000 |
??? |
??? |
??? |
UOP |
??? |
|
Totals |
863,400 |
119,815 |
??? |
??? |
??? |
|||
|
SL = straight line; RB = reducing balance; UOP = units of production |
Problem 3. Loan Amortisation
WXYZ Ltd has purchased a 2014 Nissan delivery truck. The accounting department needs to record the monthly principal payments and interest expense. The fiscal year end for WXYZ Ltd is 30 June.
Information from the dealer’s sales ticket:
|
Base Price: |
65,000 |
||
|
Rear Tow bar: |
400 |
||
|
Heavy Duty Front bumper: |
1,500 |
||
|
Company Name printed on the side |
600 |
||
|
Navigation System & Stereo |
935 |
||
|
Alarm System |
235 |
||
|
GST |
6,867 |
||
|
Total |
75,537 |
||
|
Months |
60 |
||
|
Interest rate: |
5% |
annually |
|
|
Interest calc: |
monthly |
||
|
Monthly Payment |
??? |
||
|
Purchase date: |
1 September 2014 |
||
|
First Payment due: |
1 October 2014 |
||
|
Final Payment: |
1 September 2019 |
||
|
Fiscal year end: |
30 June |
||
|
Down Paymen |
$ 10,000 |
||
|
Amount Financed |
??? |
Required:
a. Calculate the amount needs to be capitalised?
b. Calculate the amount that needs to be financed?
c. Prepare the journal entry to record the purchase of the truck.
d. Create an amortisation schedule that shows each monthly payment. Include the principal and the interest portions of each payment and the ending balance of the loan after each payment. Also, include the amount of principal, interest, total payments for each fiscal year.
e. Create the monthly depreciation entry using reducing-balance method so your staff can record depreciation expense each month. Expected residual value of the truck is $7,000 and has an expected useful life is 8 years. Show your complete calculation and round to the nearest whole dollar.
Problem 1.
Part a
|
Red Rider Sports Limited |
||
|
Income Statement for the Year Ended 30 June, 2014 |
||
|
Particulars |
Amount |
Percentage |
|
Gross Sales |
$25,50,500 |
100.00% |
|
Sales Returns |
-$76,000 |
-2.98% |
|
$24,74,500 |
97.02% |
|
|
Cost of Goods Sold: |
||
|
Cost of Goods Sold |
$10,20,200 |
40.00% |
|
Purchase Discounts |
-$40,800 |
-1.60% |
|
Salary & Wages Expense |
$8,50,000 |
33.33% |
|
Utilities Expense |
$16,800 |
0.66% |
|
$18,46,200 |
72.39% |
|
|
|
||
|
Gross Profit |
$6,28,300 |
24.63% |
|
General & Admin Expenses: |
||
|
Rent |
$60,000 |
2.35% |
|
Auto & Truck Expense |
$6,200 |
0.24% |
|
Telephone Expense |
$7,200 |
0.28% |
|
Travel Expense |
$5,500 |
0.22% |
|
Office Expense |
$7,800 |
0.31% |
|
General Liability Insurance |
$14,200 |
0.56% |
|
Repair & Maintenance |
$4,800 |
0.19% |
|
Supplies Expense |
$2,400 |
0.09% |
|
Depreciation |
$10,000 |
0.39% |
|
$1,18,100 |
4.63% |
|
|
|
||
|
Selling & Distribution Expenses: |
||
|
Advertising |
$1,27,000 |
4.98% |
|
Sales Discounts |
$1,00,500 |
3.94% |
|
$2,27,500 |
8.92% |
|
|
Finance expenses: |
||
|
Bank Service Charges |
$2,200 |
0.09% |
|
Credit Card Discount |
$49,000 |
1.92% |
|
$51,200 |
2.01% |
|
|
|
||
|
Total Expenses |
$3,96,800 |
15.56% |
|
|
|
|
|
Net Profit |
$2,31,500 |
9.08% |
|
|
|
|
|
Dividend Paid |
$25,000 |
0.98% |
|
|
|
|
|
Retained Earnings |
$2,06,500 |
8% |
Part b
The net profit as per draft income statement is $124,900 whereas it is $231,500 as per correct income statement. The Junior Accountant has treated purchase returns and Dividend as expenses. Purchase return is required to be deducted from cost of goods sold and dividend is appropriation of income and not expense. Therefore, these items cannot be treated as expense. Moreover, the junior accountant has not classified expenses according to function. It is necessary for better understanding of the financial results of the company.
Part C
|
Credit Card Discount is |
$49,000 |
|
Credit Card Fees |
2.20% |
|
Credit Card Sales (i) |
$22,27,273 |
|
Total Sales |
$24,74,500 |
|
Cash Sales (ii) |
$2,47,227 |
Part a
|
Tong Manufacturing Ltd |
||
|
Calculation of Capitalized Cost of Machine 502 |
||
|
Particulars |
Amount |
Remarks |
|
Purchase Price |
$90,000 |
Basic Purchase Price |
|
Shipping |
$7,500 |
Cost of Asset to bring its intended use |
|
GST |
$9,000 |
Part of Purchase Price |
|
Setup Preparation |
$2,600 |
Cost of Asset to bring its intended use |
|
Setup Costs |
$12,000 |
Cost of Asset to bring its intended use |
|
Trial Run cost |
$3,500 |
Cost of Asset to bring its intended use |
|
Interest cost |
$400 |
Cost of Asset to bring its intended use |
|
Repairing |
$0 |
not related to capitalization |
|
Capitalized Cost |
$1,25,000 |
Part B
|
Depreciation schedule for fiscal year 2010-2011 |
||||||||
|
Asset Description |
Date |
Cost Basis |
Residual Value |
Prior Accum. Depreciation |
Prior BookValue Carry Amount |
Depreciable LifeYrs or Units |
Depreciation Method |
Current Year Depreciation Expense |
|
Building |
01-Jan-11 |
$5,50,000 |
$1,00,000 |
$0 |
$0 |
20 |
SL |
$11,250.00 |
|
Land |
01-Jan-11 |
$1,90,000 |
$0 |
$0 |
$0 |
0 |
0 |
$0.00 |
|
5desks |
01-Jan-11 |
$7,500 |
– |
$0 |
$0 |
20 |
SL |
$187.50 |
|
5 computers/ monitors |
01-Jan-11 |
$6,000 |
$900 |
$0 |
$0 |
6 |
RB |
$813.00 |
|
Machinery 501 |
01-Jan-11 |
$45,000 |
$3,000 |
$0 |
$0 |
24,000 |
UOP |
$3,500 |
|
Totals |
$7,98,500 |
$1,03,900 |
$0 |
$0 |
$15,751 |
|
Depreciation schedule for fiscal year 2011-2012 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Asset Description |
Date |
Cost Basis |
Residual Value |
Prior Accum. Depreciation |
Prior BookValue Carry Amount |
Depreciable LifeYrs or Units |
Depreciation Method |
Current Year Depreciation Expense |
|
Building |
01-Jan-11 |
$5,50,000 |
$1,00,000 |
$11,250 |
$5,38,750 |
20 |
SL |
$22,500.00 |
|
Land |
01-Jan-11 |
$1,90,000 |
$0 |
$0 |
$1,90,000 |
0 |
0 |
$0.00 |
|
5desks |
01-Jan-11 |
$7,500 |
$0 |
$188 |
$7,313 |
20 |
SL |
$375.00 |
|
5computers/ monitors |
01-Jan-11 |
$6,000 |
$900 |
$813 |
$5,187 |
6 |
RB |
$1,405.68 |
|
1computerserver |
01-Jul-11 |
$2,500 |
$375 |
$0 |
$2,500 |
6 |
RB |
$677.50 |
|
Server Cabinet |
01-Jul-11 |
$1,500 |
$0 |
$0 |
$1,500 |
10 |
SL |
$150.00 |
|
Machinery 501 |
01-Jan-11 |
$45,000 |
$3,000 |
$3,500 |
$41,500 |
24,000 |
UOP |
$7,000 |
|
Totals |
$8,02,500 |
$1,04,275 |
$15,751 |
$7,86,750 |
$32,108 |
|
Depreciation schedule for fiscal year 2012-2013 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Asset Description |
Date |
Cost Basis |
Residual Value |
Prior Accum. Depreciation |
Prior BookValue Carry Amount |
Depreciable LifeYrs or Units |
Depreciation Method |
Current Year Depreciation Expense |
|
Building |
01-Jan-11 |
$5,50,000 |
$1,00,000 |
$33,750 |
$5,16,250 |
20 |
SL |
$22,500.00 |
|
Land |
01-Jan-11 |
$1,90,000 |
$0 |
$0 |
$1,90,000 |
0 |
0 |
$0.00 |
|
5desks |
01-Jan-11 |
$7,500 |
$0 |
$563 |
$6,938 |
20 |
SL |
$375.00 |
|
5computers/monitors |
01-Jan-11 |
$6,000 |
$900 |
$2,219 |
$3,781 |
6 |
RB |
$1,024.74 |
|
1computerserver |
01-Jul-11 |
$2,500 |
$375 |
$678 |
$1,823 |
6 |
RB |
$493.90 |
|
Server Cabinet |
01-Jul-11 |
$1,500 |
$0 |
$150 |
$1,350 |
10 |
SL |
$150.00 |
|
Machinery501 |
01-Jan-11 |
$45,000 |
$3,000 |
$10,500 |
$34,500 |
24,000 |
UOP |
$6,125 |
|
3desks |
01-Jul-12 |
$4,800 |
$0 |
$0 |
$4,800 |
20 |
SL |
$240.00 |
|
5chairs |
01-Jul-12 |
$1,250 |
$0 |
$0 |
$1,250 |
10 |
SL |
$125.00 |
|
3computers |
01-Jul-12 |
$3,600 |
$540 |
$0 |
$3,600 |
6 |
RB |
$975.60 |
|
Reception Desk |
01-Jul-12 |
$4,500 |
$0 |
$0 |
$4,500 |
10 |
SL |
$450.00 |
|
2012 Nissan delivery Van |
01-Jul-12 |
$46,750 |
$5,000 |
$0 |
$46,750 |
6 |
RL |
$14,539.25 |
|
Machinery502 |
01-Jan-13 |
$1,25,000 |
$10,000 |
$0 |
$1,25,000 |
50000 |
UOP |
$8,050 |
|
Totals |
$9,88,400 |
$1,19,815 |
$47,859 |
$9,40,541 |
$55,048 |
Part C
|
Depreciation schedule for fiscal year 2013-2014 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Asset Description |
Date |
Cost Basis |
Residual Value |
Prior Accum. Depreciation |
Prior BookValue Carry Amount |
Depreciable LifeYrs or Units |
Depreciation Method |
Current Year Depreciation Expense |
|
Building |
01-Jan-11 |
$5,50,000 |
$1,00,000 |
$56,250 |
$4,93,750 |
20 |
SL |
$22,500.00 |
|
Land |
01-Jan-11 |
$1,90,000 |
$0 |
$0 |
$1,90,000 |
0 |
0 |
$0.00 |
|
5desks |
01-Jan-11 |
$7,500 |
$0 |
$938 |
$6,563 |
20 |
SL |
$375.00 |
|
5computers/monitors |
01-Jan-11 |
$6,000 |
$900 |
$3,243 |
$2,757 |
6 |
RB |
$747.03 |
|
1computerserver |
01-Jul-11 |
$2,500 |
$375 |
$1,171 |
$1,329 |
6 |
RB |
$360.05 |
|
Server Cabinet |
01-Jul-11 |
$1,500 |
$0 |
$300 |
$1,200 |
10 |
SL |
$150.00 |
|
Machinery501 |
01-Jan-11 |
$45,000 |
$3,000 |
$16,625 |
$28,375 |
24,000 |
UOP |
$6,125 |
|
3desks |
01-Jul-12 |
$4,800 |
$0 |
$240 |
$4,560 |
20 |
SL |
$240.00 |
|
5chairs |
01-Jul-12 |
$1,250 |
$0 |
$125 |
$1,125 |
10 |
SL |
$125.00 |
|
3computers |
01-Jul-12 |
$3,600 |
$540 |
$976 |
$2,624 |
6 |
RB |
$711.21 |
|
Reception Desk |
01-Jul-12 |
$4,500 |
$0 |
$450 |
$4,050 |
10 |
SL |
$450.00 |
|
2012 Nissan delivery Van |
01-Jul-12 |
$46,750 |
$5,000 |
$14,539 |
$32,211 |
6 |
RL |
$10,017.54 |
|
Machinery502 |
01-Jan-13 |
$1,25,000 |
$10,000 |
$8,050 |
$1,16,950 |
50000 |
UOP |
$19,550 |
|
Totals |
$9,88,400 |
$1,19,815 |
$1,02,907 |
$8,85,493 |
$61,351 |
Part a
|
calculation of capitalization amount |
||
|
Particulars |
Amount |
Remarks |
|
Base Price |
$65,000 |
Purchase Price |
|
Rear Toolbar |
$400 |
Accessories – Part of Truck |
|
Heavy Duty Front Bumper |
$1,500 |
Accessories – Part of Truck |
|
Company Name Plate |
$0 |
not required |
|
Navigation System |
$935 |
Accessories – Part of Truck |
|
Alarm System |
$235 |
Accessories – Part of Truck |
|
GST |
$6,867 |
Tax |
|
Capitalization Amount |
$74,937 |
Part b
|
Calculation of Finance Amount |
|
|
Total Costs |
$75,537 |
|
Down Payment |
$10,000 |
|
Finance Amount |
$65,537 |
Part c
|
Delivery Truck A/c Dr |
$74,937 |
|
|
Delivery Truck Maintenance A/c Dr |
$600 |
|
|
To Accounts Payable |
$75,537 |
|
|
(Being Delivery Truck Purchased) |
Part d
|
Finance Amount |
$65,537 |
|
Finance Months |
60 |
|
Interest Per Month |
0.42% |
|
Monthly Installment |
$1,237.00 |
|
Month |
Opening Balance |
Interest |
Instalment Amount |
Principal Repayment |
Closing Balance |
|
Oct-14 |
$65,537 |
$273 |
$1,237 |
$964 |
$64,573 |
|
Nov-14 |
$64,573 |
$269 |
$1,237 |
$968 |
$63,605 |
|
Dec-14 |
$63,605 |
$265 |
$1,237 |
$972 |
$62,633 |
|
Jan-15 |
$62,633 |
$261 |
$1,237 |
$976 |
$61,657 |
|
Feb-15 |
$61,657 |
$257 |
$1,237 |
$980 |
$60,677 |
|
Mar-15 |
$60,677 |
$253 |
$1,237 |
$984 |
$59,693 |
|
Apr-15 |
$59,693 |
$249 |
$1,237 |
$988 |
$58,705 |
|
May-15 |
$58,705 |
$245 |
$1,237 |
$992 |
$57,713 |
|
Jun-15 |
$57,713 |
$240 |
$1,237 |
$997 |
$56,716 |
|
F.Y. 2014-15 |
$2,312 |
$11,133 |
$8,821 |
||
|
Jul-15 |
$56,716 |
$236 |
$1,237 |
$1,001 |
$55,715 |
|
Aug-15 |
$55,715 |
$232 |
$1,237 |
$1,005 |
$54,710 |
|
Sep-15 |
$54,710 |
$228 |
$1,237 |
$1,009 |
$53,701 |
|
Oct-15 |
$53,701 |
$224 |
$1,237 |
$1,013 |
$52,688 |
|
Nov-15 |
$52,688 |
$220 |
$1,237 |
$1,017 |
$51,671 |
|
Dec-15 |
$51,671 |
$215 |
$1,237 |
$1,022 |
$50,649 |
|
Jan-16 |
$50,649 |
$211 |
$1,237 |
$1,026 |
$49,623 |
|
Feb-16 |
$49,623 |
$207 |
$1,237 |
$1,030 |
$48,593 |
|
Mar-16 |
$48,593 |
$202 |
$1,237 |
$1,035 |
$47,558 |
|
Apr-16 |
$47,558 |
$198 |
$1,237 |
$1,039 |
$46,519 |
|
May-16 |
$46,519 |
$194 |
$1,237 |
$1,043 |
$45,476 |
|
Jun-16 |
$45,476 |
$189 |
$1,237 |
$1,048 |
$44,428 |
|
F.Y. 2015-16 |
$2,556 |
$14,844 |
$12,288 |
||
|
Jul-16 |
$44,428 |
$185 |
$1,237 |
$1,052 |
$43,376 |
|
Aug-16 |
$43,376 |
$181 |
$1,237 |
$1,056 |
$42,320 |
|
Sep-16 |
$42,320 |
$176 |
$1,237 |
$1,061 |
$41,259 |
|
Oct-16 |
$41,259 |
$172 |
$1,237 |
$1,065 |
$40,194 |
|
Nov-16 |
$40,194 |
$167 |
$1,237 |
$1,070 |
$39,124 |
|
Dec-16 |
$39,124 |
$163 |
$1,237 |
$1,074 |
$38,050 |
|
Jan-17 |
$38,050 |
$159 |
$1,237 |
$1,078 |
$36,972 |
|
Feb-17 |
$36,972 |
$154 |
$1,237 |
$1,083 |
$35,889 |
|
Mar-17 |
$35,889 |
$150 |
$1,237 |
$1,087 |
$34,802 |
|
Apr-17 |
$34,802 |
$145 |
$1,237 |
$1,092 |
$33,710 |
|
May-17 |
$33,710 |
$140 |
$1,237 |
$1,097 |
$32,613 |
|
Jun-17 |
$32,613 |
$136 |
$1,237 |
$1,101 |
$31,512 |
|
F.Y. 2016-17 |
$1,928 |
$14,844 |
$12,916 |
||
|
Jul-17 |
$31,512 |
$131 |
$1,237 |
$1,106 |
$30,406 |
|
Aug-17 |
$30,406 |
$127 |
$1,237 |
$1,110 |
$29,296 |
|
Sep-17 |
$29,296 |
$122 |
$1,237 |
$1,115 |
$28,181 |
|
Oct-17 |
$28,181 |
$117 |
$1,237 |
$1,120 |
$27,061 |
|
Nov-17 |
$27,061 |
$113 |
$1,237 |
$1,124 |
$25,937 |
|
Dec-17 |
$25,937 |
$108 |
$1,237 |
$1,129 |
$24,808 |
|
Jan-18 |
$24,808 |
$103 |
$1,237 |
$1,134 |
$23,674 |
|
Feb-18 |
$23,674 |
$99 |
$1,237 |
$1,138 |
$22,536 |
|
Mar-18 |
$22,536 |
$94 |
$1,237 |
$1,143 |
$21,393 |
|
Apr-18 |
$21,393 |
$89 |
$1,237 |
$1,148 |
$20,245 |
|
May-18 |
$20,245 |
$84 |
$1,237 |
$1,153 |
$19,092 |
|
Jun-18 |
$19,092 |
$80 |
$1,237 |
$1,157 |
$17,935 |
|
F.Y. 2017-18 |
$1,267 |
$14,844 |
$13,577 |
||
|
Jul-18 |
$17,935 |
$75 |
$1,237 |
$1,162 |
$16,773 |
|
Aug-18 |
$16,773 |
$70 |
$1,237 |
$1,167 |
$15,606 |
|
Sep-18 |
$15,606 |
$65 |
$1,237 |
$1,172 |
$14,434 |
|
Oct-18 |
$14,434 |
$60 |
$1,237 |
$1,177 |
$13,257 |
|
Nov-18 |
$13,257 |
$55 |
$1,237 |
$1,182 |
$12,075 |
|
Dec-18 |
$12,075 |
$50 |
$1,237 |
$1,187 |
$10,888 |
|
Jan-19 |
$10,888 |
$45 |
$1,237 |
$1,192 |
$9,696 |
|
Feb-19 |
$9,696 |
$40 |
$1,237 |
$1,197 |
$8,499 |
|
Mar-19 |
$8,499 |
$35 |
$1,237 |
$1,202 |
$7,297 |
|
Apr-19 |
$7,297 |
$30 |
$1,237 |
$1,207 |
$6,090 |
|
May-19 |
$6,090 |
$25 |
$1,237 |
$1,212 |
$4,878 |
|
Jun-19 |
$4,878 |
$20 |
$1,237 |
$1,217 |
$3,661 |
|
F.Y. 2018-19 |
$570 |
$14,844 |
$14,274 |
||
|
Jul-19 |
$3,661 |
$15 |
$1,237 |
$1,222 |
$2,439 |
|
Aug-19 |
$2,439 |
$10 |
$1,237 |
$1,227 |
$1,212 |
|
Sep-19 |
$1,212 |
$5 |
$1,237 |
$1,212 |
$0 |
|
F.Y. 2019-20 |
$30 |
$3,711 |
$3,661 |
||
|
Grand Total |
$8,663 |
$74,220 |
$65,537 |
Part e
|
Cost of Truck |
$74,937 |
|
Residue Value |
$7,000 |
|
Useful Life |
8 |
|
Purchase Date |
01-09-2014 |
|
Year End |
Jun-30 |
|
Depreciation for FY 2014-15 |
$15,987 |
|
Depreciation for FY 2015-16 |
$15,091 |
|
Depreciation for FY 2016-17 |
$11,228 |
|
Depreciation for FY 2017-18 |
$8,354 |
|
Depreciation for FY 2018-19 |
$6,215 |
|
Depreciation for FY 2019-20 |
$4,624 |
|
Depreciation for FY 2020-21 |
$3,440 |
|
Depreciation for FY 2021-22 |
$2,560 |
|
Year |
Particulars |
Debit |
Credit |
|
2014-15 |
Depreciation Expense |
$15,987 |
|
|
To Accumulated Depreciation |
$15,987 |
||
|
(Being Depreciation Expense recorded) |
|||
|
2015-16 |
Depreciation Expense |
$15,091 |
|
|
To Accumulated Depreciation |
$15,091 |
||
|
(Being Depreciation Expense recorded) |
|||
|
2016-17 |
Depreciation Expense |
$11,228 |
|
|
To Accumulated Depreciation |
$11,228 |
||
|
(Being Depreciation Expense recorded) |
|||
|
2017-18 |
Depreciation Expense |
$8,354 |
|
|
To Accumulated Depreciation |
$8,354 |
||
|
(Being Depreciation Expense recorded) |
|||
|
2018-19 |
Depreciation Expense |
$6,215 |
|
|
To Accumulated Depreciation |
$6,215 |
||
|
(Being Depreciation Expense recorded) |
|||
|
2019-20 |
Depreciation Expense |
$4,624 |
|
|
To Accumulated Depreciation |
$4,624 |
||
|
(Being Depreciation Expense recorded) |
|||
|
2020-21 |
Depreciation Expense |
$3,440 |
|
|
To Accumulated Depreciation |
$3,440 |
||
|
(Being Depreciation Expense recorded) |
|||
|
2021-22 |
Depreciation Expense |
$2,560 |
|
|
To Accumulated Depreciation |
$2,560 |
||
|
(Being Depreciation Expense recorded) |
