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ACT - Final Assignment

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10 views4 pages

ACT - Final Assignment

Uploaded by

rihanrahman555
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Final Assignment

Name: Taseen Ahmed


ID: 2021100010023
Course Code: ACT141.4
Mail: [email protected]

Answer to the question no -1:

Johnson Company
Bank Reconciliation Statement
For the month ended March 30, 2022

Explanation $

Cash balance as per bank statement, February 28, 2022 $300,000


Add: Deposit in transit 20,000
$320,000

Deduct: Outstanding checks 50,000


Adjusted cash balance
$270,000

Balance as per depositor's record, February 28, 2022 $260,900

Add: Receivable collected by bank $9,800


Interest earned 20 9,820

$270,720

Deduction: NSF check 520

Service charges 100


Error on check 100 720
Adjusted cash balance
$270,000
Answer to the question no -2:

Waterway Company
Journal entries

Date Explanation Ref Debit Credit


May 1 Petty Cash $100.00
Cash $100.00
(To establish Petty Cash fund.)

June 1 Delivery expense $27.25


Postage expense $37.25
Miscellaneous expense $34.00
Cash Short and Over (Short) $3.50
Cash
$102.00
(To replenish the petty cash fund with a cash short.)
June 2 Delivery expense $17.75
Entertainment expense $45.25
Miscellaneous expense $32.00
$95.00
Cash
(To replenish the petty cash fund.)
July-10 Petty Cash ($140-$100 = $40) $40.00
Cash $40.00
(To increase Petty Cash fund)

Answer to the question no -3:

straight-line method Deprecation:

Cost - salvage value


Number of year

= 200,000 - 20,000

= 180,000

= 36000
Year Beginning book value Deprecation Ending Book valve
1 200,000 36,000 164,000
2 164,000 36,000 128,000
3 128,000 36,000 92,000
4 92,000 36,000 56,000
5 56,000 36,000 20,000

Double-Declining balance method:

100%
Deprecation Rate = ☓2
Number of year

100%
= ☓2
5

= 40%

Year Beg. book value Deprecation Rate Deprecation Ending book Value

1 200,000 40% 80,000 120,000


2 120,000 40% 48,000 72,000
3 72,000 40% 28,800 43,200
4 43,200 40% 17,280 25,960
5 25,960 40% 5,960 20,000
Unit of production method deprecation rate:

Cost – Salvage value


Deprecation Rate =
Total estimated production

200,000 – 20,000
=
12,000

180,000
=
12,000

= 15

Year Beg. book Production Deprecation Deprecation Ending book


value unit Rate Value
1 200,000 2,500 15 37,500 162,500

2 162,500 2,300 15 34,500 128,000

3 158,000 2,500 15 37,500 90,500

4 90,500 3,300 15 49,500 41,000

5 41,000 3,300 15 21,000 20,000

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