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Depreciation Question

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Depreciation Question

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by mrjonbain.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 30, 2011 at 8:51 pm #50281
    Jaza!
    Member
    • Topics: 1
    • Replies: 7
    • ☆

    Hi, I need help with the question below:-

    Ar 30th Sept 20X2, the following balances existed in the records of Lambda:
    Plant and Equipment
    Cost $860,000
    Accumulated depreciation $397,000

    During the year ended 30th September 20×3,plant with a written down value of $37000 was sold for $49000.The plant had originally cost $80000.Plant purchased during the year cost $180,000. It is in the company’s policy to charge a full years depreciation in the year of acquisition of an asset and none in the year of sale, using a rate of 10% on the straight line basis.

    What net amount should appear in Lamdba’s statement of financial position at 30 September 20X3 for plant and equipment?

    October 31, 2011 at 4:39 pm #89260
    Vipin
    Member
    • Topics: 151
    • Replies: 374
    • ☆☆☆☆

    cost=860k
    cost after disposal=860k-80k=780k
    acc’ depn of disposed asset=80k-37k=43k

    new cost after purchase=780k+180k=960k
    dep’n exp=96k
    acc’ dep’n =397k-43k+96k=450k

    net cost=960k-450k=510k ans.

    October 21, 2021 at 10:53 am #638688
    HalimaGureye
    Member
    • Topics: 0
    • Replies: 1
    • ☆

    Hi, @vipin new cost acc deprecation 397k where from kindly help me.

    October 22, 2021 at 9:25 am #638781
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1558
    • ☆☆☆☆☆

    Thread and response dated almost ten years ago so unlikely to get a response by Vipin. The amount is taken from the question. Hope this helps.

  • Author
    Posts
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