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Question 01: Use the following information for Western Packaging Pty Ltd to:
a) Asset Register Card for the Wrapping Machine.
b) Record the Capital Cost of the Wrapping Machine as an opening balance in the Machinery General Ledger account as at 31 March 2017.
c) post the General Journal Entries to record the Depreciation of the Wrapping Machine for the years ended 30 June 2017, 2018 and 2019.
d) post General Journal Entries to record the Disposal of the Wrapping Machine.
On 31 March 2017, Western Packaging purchased a Wrapping Machine, serial number VMM06JKTR0460275, from Mills Machinery Ltd. The machine is located in Factory 4. The total purchase price including GST was $110,000. The residual value for the Wrapping Machine is estimated to be $15,000. The expected useful life of the machine is 15 years.
At the date of purchase, costs incurred including GST were:
Insurance $1,540
Freight charges $660
Repair of damage in transit $462
Further costs incurred during installation and testing total $2,508 including GST. These costs are not of a recurring nature.
Depreciation on the machine is to be 10 per cent using the reducing-balance method (rounded to the nearest whole dollar).
On 30 September 2019 the company decided to trade in the machine for $82,500 including GST on an upgraded machine with a total capital cost of $137,500 including GST. The balance owing was paid by cheque number 102374.
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