This document is Asset Register Worksheet.

It is part of the supporting assessment resources for Assessment Task 2 of BSBFIA401.

Asset Register Worksheet

1. Prepare journal entries according to standard practice to record the purchase of assets,
depreciation expense and accumulated depreciation for the years ended 30 June 2019 and
2020. Show your workings for the depreciation calculation.

Journal entries for the year ended 30 June 2019

Date Accounts Dr $ Cr $

1/7/2018 Plant and Equipment 18,000

Accounts payable 18,000

To record the purchase of Bench planer (Asset No. 346)

1/7/2018 Plant and Equipment 5,000

Accounts payable 5,000

To record the purchase of Standing drill (Asset No. 348)

30/6/2019 Depreciation 2,720

Plant and Equipment: Accumulated depreciation 2,720

To record the depreciation for Bench planer (Asset No. 346)

30/6/2019 Depreciation 1,050

Plant and Equipment: Accumulated depreciation 1,050

To record the depreciation for Standing drill (Asset No. 348)

Workings for the depreciation calculation

Bench planer (Asset No. 346): Units of production method:
Depreciable amount = Original cost – Residual value = $18,000 - $1,000 = $17,000
Depreciation expense = (800/5,000) x $17,000 = $2,720

Standing drill (Asset No. 348): Straight-line method:

Depreciable amount = Original cost – Residual value = $5,000 - $800 = $4,200
Depreciation expense = $4,200/4 = $1,050

© 2020 RTO Works

This document is Asset Register Worksheet.
It is part of the supporting assessment resources for Assessment Task 2 of BSBFIA401.

Journal entries for the year ended 30 June 2020

Date Accounts Dr $ Cr $

30/6/2020 Depreciation 3,400

Plant and Equipment: Accumulated depreciation 3,400

To record the depreciation for Bench planer (Asset No. 346)

30/6/2020 Depreciation 1,050

Plant and Equipment: Accumulated depreciation 1,050

To record the depreciation for Standing drill (Asset No. 348)

Workings for the depreciation calculation

Bench planer (Asset No. 346): Units of production method:
Depreciable amount = Original cost – Residual value = $18,000 - $1,000 = $17,000
Depreciation expense = (1,000/5,000) x $17,000 = $ 3,400

Standing drill (Asset No. 348): Straight-line method:

Depreciable amount = Original cost – Residual value = $5,000 - $800 = $4,200
Depreciation expense = $4,200/4 = $1,050

© 2020 RTO Works