In order to prepare journal entries on 30 September 2017, please find below Depreciation and Amortization calculation for all Non-current assets:
Depreciation calculation of motor vehicle at Reducing Balance Method | ||
Date | Description | Amount (RM) |
Oct-16 | Carrying value | 122,000 |
1/12/2016 | New Truck purchased capitalized along with Paint cost | 90,000 |
212,000 | ||
Depreciation @ 25% | 53,000 | |
Sep-17 | Balance as at September 30, 2017 | 159,000 |
Depreciation calculation of Machinery at Unit of Production Method | ||
Date | Description | Amount (RM) |
Oct-16 | Balance as at October 01, 2016 | - |
1/7/2017 | New Machine R-564 purchased | 136,000 |
136,000 | ||
Depreciation ((136000-16000)/500000*24000) | 5,760 | |
Sep-17 | Balance as at September 30, 2017 | 130,240 |
Amortization calculation of Land | ||
Date | Description | Amount (RM) |
Oct-16 | Balance as at October 01, 2016 | 540,000 |
Revaluation Gain / reserve | 60,000 | |
Sep-17 | Balance as at September 30, 2017 | 600,000 |
Amortization calculation of Trademark | ||
Date | Description | Amount (RM) |
Oct-16 | Balance as at October 01, 2016 | - |
1/1/2017 | Acquired Trademark | 200,000 |
Amortization for 20 year period | 10,000 | |
Sep-17 | Balance as at September 30, 2017 | 190,000 |
1. All journals as below to be processed on September 30, 2017 only:
Dr. Depreciation & Amortization Expense RM 68,760
Dr. Revaluation Gain/Reserve RM 60,000
Cr. Accumulated Depreciation-Motor Vehicle RM 53,000
Cr. Accumulated Depreciation - Machinery RM 5,760
Cr. Accumulated Amortization - Trademark RM 10,000
Cr. Land RM 60,000
(Being Depreciation / Amortization accounted for the year 2017 as per the schedule)
2. Statement of financial position of Gigantic Sdn Bhd as of September 30, 2017
(Schedule of Non-Current Assets showing only the Carrying value):
Motor Vehicle - RM 159,000
Machinery - RM 130,240
Land - RM 600,000
Trademark - RM 190,000
Total - RM 1,079,240
rters. useful hAt the beginning of financial year 2017, the books of Cant Sdn Bhd show...
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