COST OF BUILDING R1500,000
The building is depreciated at 5 % of cost..
the building was professionally valued at R1800,000 and the directors wish this valuation to be incorporated in the accounts.
how to calculate depreciation?
Tabasco Ltd is a small company which prepares accounts to 30 June each year. The
company’s financial statements for the year to 30 June 2008 cannot be completed until a
bank reconciliation has been performed for the month of June 2008. The cashbook for
June 2008 and the bank statement for that month are shown below. It may be assumed
that the…[Read more]
bad debts written off in IAS1?
i need some explanation on that.. thank you.
example: in a question
bad debts of R16000 to be written off.
Allowance for receivables is R24050
Trade receivables is R135100
The allowance for receivables should be adjusted to 5% of the year-end trade receivables, after allowing for bad debts written off.