BSBFIA401 5

Depreciation table for 2017 and 2018

 
Andrew’s Slabs Delivery Truck
Asset Cost:             $30.000     
Less Residual value:     N/A
Depreciation Amount:   $30.000
Depreciation method:   diminishing method
Depreciation Rate:         30%
 
Year Carrying amount at Depreciation Accumulated Carrying amount
ending beginning Depreciation at end
30/6/2017  30.000 9.000 9.000 21.000
30/6/2018 21.000 6.300 15.300 14.700

 Workings for the depreciation calculation

Delivery truck diminishing balance method
Year 1 ( 1/7/2016-30/6/2017) depreciation expense=$30.000*30%=$9.000
Year 2 ( 1/7/2017-30/6/2018) depreciation expense=$21.000*30%=$6.300

General Journal entry on 30 June 2016 for depreciation

 
Date Accounts Dr $ Cr $
depreciation  6,300   
30/6/2018
  Motor witches accumulated    6,300 
 
Ledger accounts for Motor Vehicle, Accumulated Depreciation of Motor
Vehicle and Depreciation Expense from 1/7/2016 to 30/6/2017
 
Motor Vehicle
Date Details Dr $ Cr $ Balance $
1/7/206  Purchase of  30,00 30,000DR
Truck A 0
 
Motor Vehicle Accumulated Depreciation
Date Details Dr $ Cr $ Balance $
30/6/201 Depercition    9,000 9,000CR
7
 30/6/201 Depercition     6,300  15,300CR
8
 
Depreciation Expenses
Date Details Dr $ Cr $ Balance $
30/6/2017 Accommodated 9,000   9,000DR
Depreciation
  Prote & loss 9,000 0
30/6/2018  Accommodated 6,300    6,300DR
Depreciation
  Prote & loss    6,300  0
 
  Prote & loss    6,300 0