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Question: create and maintain a detailed asset register card with complete...

Question details
  1. Create and maintain a detailed Asset Register Card with complete depreciation schedule for the above fixed assets.
    1. Record the depreciation and disposal of the non-current assets as per the above organisational procedures and policy information
    2. Complete the general journal entries for the disposal of assets along with recording of profit/loss on sale of the asset

To assist with completing the Asset Register Care, you will need to: 

  • Calculate depreciation on the computer equipment for the financial years ended 30 June 2015, 2016 and 2017.

Notes: 

  • The computer equipment has been sold during the year on 30/9/2017 for $18000 plus GST. 
  • The rate of depreciation is 30%.
  • Calculate depreciation for the financial years ended 30 June 2015, 2016 and 2017 for the textile equipment.

Note:

 

  • The useful life of the machinery is 5 year

 

ASSET REGISTER CARD

Depreciation Worksheet – Chrisco Textiles Pty Ltd.

Asset Cost:  $40,000

Asset Name: Computer Equipment 

Less: Residual Value:

Depreciable Amount:

$

Depreciable method:  Diminishing balance             Date Sold:  30/09/2017

Depreciation p.a.                                                Disposal Proceeds: $ $18,000

Date

Book Value at Start

Depreciation

Accumulated

Depreciation

Book Value at End

 

40,000

0

 

 

         
     

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FILL IN THE TABLE 

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