Homework Answers
| In the books of Maloney Company | |||
| Journal Entry | |||
| Sl. No. | Description | Debit | Credit |
| a | Depreciation on Buildinhg | $ 216.60 | |
| Accumulated depreciation -Building | $ 216.60 | ||
| (being depreciation accounted) | |||
| b | Cash | $ 511.00 | |
| Machine | $ 1,623.00 | ||
| Accumulated depreciation | $ 1,295.00 | ||
| Machine | $ 3,429.00 | ||
| (being machine echanged) | |||
| c | Bad Debts | $ 501.60 | |
| Allownace for Doubtful debts | $ 501.60 | ||
| (being bad debts recorded) | |||
| Maloney Company | |||
| Income Statement for the year ended Dec 2020 | |||
| Particulars | Amount | Amount | |
| Net Sales | $ 12,540.00 | ||
| Add: Closing Inventory (b/f) | $ 520.00 | ||
| Less: Opening Inventory | $ 925.00 | ||
| Less: Purchases | $ 9,000.00 | ||
| Gross Profit (25% ) | $ 3,135.00 | ||
| Less: Expenses | |||
| Selling Expenses | $ 424.00 | ||
| Depreciation expenses- Machines | $ 1,077.00 | ||
| Bad Debts | $ 501.60 | ||
| Depreciation Building | $ 216.60 | ||
| Total Expenses | $ 2,219.20 | ||
| Net profit | $ 915.80 | ||
| Maloney Company | |||
| Balance Sheet as on Dec 31,2020 | |||
| Particulars | Amount | Amount | |
| Assets | |||
| Current Assets | |||
| Cash | $ 998.00 | ||
| Accounts Receivable | $ 2,877.00 | ||
| Allowance for Doubtful debts | $ -561.60 | ||
| Net Receivables | $ 2,315.40 | ||
| Inventory | $ 520.00 | ||
| Total Current Assets | $ 3,833.40 | ||
| Fixed Assets | |||
| Machines | $ 4,213.00 | ||
| Accumulated depreciation | $ -859.00 | $ 3,354.00 | |
| Building | $ 4,800.00 | ||
| Accumulated depreciation | $ -684.60 | $ 4,115.40 | |
| Total Assets | $ 11,302.80 | ||
| Liabilities | |||
| Accounts Payable | $ 1,445.00 | ||
| Owners Equity | |||
| Common Stock | $ 4,760.00 | ||
| Retained Earnings | $ 4,182.00 | ||
| Add: Net Profit | $ 915.80 | ||
| Closing Balance | $ 5,097.80 | ||
| Total Owners Equity | $ 9,857.80 | ||
| Total Liabilities | $ 11,302.80 | ||
| Workings- | |||
| 1. Calculation of rate of Depreciation on Building | |||
| Useful Life | 40 yrs | ||
| Rate of Normal Depreciation = 1/40*100 =2.5% | |||
| Double Declining rate =5% | |||
| Depreciation =(4800-468)*5% =216.6 | |||
| 2. Gross profit is 25%, Total Gross profit =25% on Net sales = $ 3,135 | |||
| 3. Bad Debts is 4% on net Sales =4% of $ 12540 | |||
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