Question

し04, 7, 8 On 1 July 2018, Jupiter Ltd purchased land for S$400000 and buildings for $250000. The esti- mated useful life of the buildings was 20 years, with a residual value of nil. On 1 October 2018, PSA8.4 Prepare the entries to record revaluation, depreciation and disposal. machinery was purchased at a total cost of S120000. The estimated useful life of the machinery was 4 years with an estimated residual value of $9000. Jupiter Ltd uses straight-line deprec ation for buildings and the diminishing-balance method for machinery. The entity's reporting period ends 30 June. Required (a) Prepare journal entries to record the purchase of the land, buildings and machinery during the year. (b) Prepare journal entries to record the depreciation expense for the year ended 30 June 2019. (c) Assume that on 1 July 2019 the entity revalued the land upwards by $80000 and the build- ings downwards by $50000. Prepare the journal entries for the revaluations. d) On 31 December 2019, owing to a change in product mix, the machinery was sold for $50000. Prepare journal entry(ies) to dispose of the machinery

Answer 1

Soluti Camlin Page Date llo Scanned with CamScanner

Camlin Page Date Cooy kino note: 52-33 C) Bildingale din 16 | Bank : olo 'U9200- coorking 3010아16 20D CamScanner