Fabrisio Ltd

General Journal
1
Ref/Date
1/1/2000

Particulars
Truck a/c
Cash a/c
(Being trucks purchased for cash)

Amount (Dr)
250,000
250,000

31/12/200
5

Depreciation expense a/c

30,000

Accumulated depreciation a/c

(Being trucks depreciation recorded)
1/1/2006

31/12/200
6

30,000

Truck a/c
Revaluation reserve a/c
(Being trucks carrying value revaluated )

50,000

Depreciation expense a/c

20,000

50,000

Accumulated depreciation a/c

(Being trucks depreciation recorded)
31/12/200
6

Amount (Cr)
250,000
250,000

20,000

Cash a/c

27,000

Accumulated deprecation a/c

Loss of sale a/c
Truck
(Being truck sold )

10,000
23,000
60,000

(e) None, when the trucks has been fully depreciated it will not charge any depreciation expense
anymore

Working Notes

(b)

(250,000-10,000)/7
= 30,000

(c)

6th year deprecation = 6*30,000=180,000

Carrying amount= 250,000-180,000=70,000
Revaluation of 2trucks = 25,000*2 = 50,000
New value of trucks after revaluation = 70,000+50,000= 120,000

(d)

Carrying amount (2trucks) =120,000-20,000=100,000

Loss from sales= sales carrying amount= 27,000-50,000=-23,000

Gohart Ltd.
General Journal
Date
Particulars
11/07/2013 Bills Receivable a/c
Account Receivable a/c
(Being promissory note accepted )

Amount (Dr)
8,000

1/08/2013

Provision for doubtful debt a/c

Account receivable a/c
(Being debt wrote off as bad debts)

820

Cash at bank a/c

Bills Receivable a/c
Interest Revenue a/c
( Being receivable from Jones s J was
discounted at the bank )

8,091

Account Receivable a/c

Protest charge a/c
Bills receivable a/c
Interest receivable a/c
(Being bills receivable defaulted with protest
fee)

8,167.81

Cash a/c
Account receivable a/c
Interest revenue a/c
(Being cash received from Jones )

8,234.94

Cash a/c
Bills receivable a/c
Account receivable
(Being received cash and \a 60 -day, 10% bill
of exchange acceptance from P Pullman )

500
8,500

Cash a/c

6,270

Credit card expenses a/c

Sales revenue a/c
(Being cash received from sales and credit card

330

9/09/2013

9/10/2013

8/11/2013

3/12/2013

28/12/201
3

Amount (Cr)
8,000

820

8,000
91

10
8,000
157.81

8,167.81
67.13

9,000

6,600

expense)

31/1/2014

2/5/2014

10/6/2014

30/6/2014

30/6/2014

Cash a/c
Bills receivable a/c
Interest revenue a/c
(Being received payment from Pullma )

8,637

Bills receivable a/c

Account receivable-Solomon a/c
(Being settlement of account receivable of
Solomon)

7,000

Cash a/c
Credit card expenses a/c
Sales revenue a/c
(Being cash and credit expenses generated
from sales revenue )

708.75
41.25

Interest receivable a/c

Interest revenue
(Being interest revenue generated from
Solomon)

124.47

Bad debt expenses a/c

Allowance for bad debts a/c
(Being allowance for doubtful debt created)

3,280

8,500
137

7,000

750

124.47

3,280

Working Notes
September 9
Interest at the end of maturity = 800*0.08* 90/365 = 157.81

Maturity value = principal + interest = 8000 +157.81 = 8,157.81

Discount = 8,157.81*0.1*30/365 = 67
Proceeds from sales = 8157-67=8091