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Depreciation and disposal of assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA BT – FIA FBT › Depreciation and disposal of assets

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Ken Garrett.
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  • November 4, 2018 at 11:36 am #483755
    keyz2704
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    5. A printing business is thinking of updating their equipment. They are current valued in the balance sheet on the 31/12/14 as follow at cost of £486,000, with a provision for depreciation of £222,000

    During the year they buy 2 new printing machines

    1st May 2015 Machine 1 costing £225,000
    1st September 2015 Machine 2 – costs £125,000

    They are to replace
    A photocopier which originally cost £40,000 and had a provision for depreciation of £37,000 which was sold for £5000
    An old printing machine – which cost £95,000 had a provision for depreciation of £85, 000 and was sold for scrap at £1,000

    The company operates a depreciation policy of 20% reducing balance method and depreciate all assets in the first year of purchase and non in the year of sale.

    Prepare the following accounts for the year ending 31/12/2015

    Machinery at Cost account
    Provision for depreciation account
    Disposal account

    Can you please help me out im so lost!!!!

    November 4, 2018 at 2:11 pm #483775
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    That is not an AB/F1/FAB question.

    Please use the correct forum – eg FA/F3 – where the tutor will be happy to assist.

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