Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ad ltd purchased a machine to the value of r345000

AD Ltd purchased a machine to the value of R345000 (vat inclusive) on 1 January...

70.2K

Verified Solution

Question

Accounting

image

image

AD Ltd purchased a machine to the value of R345000 (vat inclusive) on 1 January 2021. They estimated the residual value to be R10 000 and the useful life to be 10 years. On 1 January 2023, the useful life was determined that only 5 years was remaining and a residual value of R5 000 . Assume a tax rate of 30% REQUIRED: Disclose the change in estimate for the year ended 31 December 2023. (10 marks) 5.2 Discuss how the following errors should be corrected 5.2.1 Errors that occurred in the current period (2 marks) AD Ltd purchased a machine to the value of R345000 (vat inclusive) on 1 January 2021. They estimated the residual value to be R10 000 and the useful life to be 10 years. On 1 January 2023, the useful life was determined that only 5 years was remaining and a residual value of R5 000 . Assume a tax rate of 30% REQUIRED: Disclose the change in estimate for the year ended 31 December 2023. (10 marks) 5.2 Discuss how the following errors should be corrected 5.2.1 Errors that occurred in the current period (2 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

what type of research thesis in business? I am doing thesis research of feasibility framework for...

Physics
1.2K views

2. (A) Determine the magnetic force acting on a conducting 10.00cm straight piece of wire with...

Electrical Engineering
1.2K views

Explain circular convolution and DFT? provide an example.

General Management
1.2K views

Singapore Airlines: Continuing Service Improvement : If you were the boss of the ground agents in...

Basic Math
1.2K views

Suppose you have to calculate the number of popping sounds popcorn does in each five-second interval....

General Management
1.2K views

Why should immigration be permitted? Why should it be restricted?

Biology
1.2K views

4 Explain how eukaryotic genes sometimes produce multiple protein products

Basic Math
1.2K views

On a planet far far away from Earth, IQ of the ruling species is normally...

Calculus
1.2K views

a Are the events A and C independent Justify your answer b Are the events...

Accounting
1.2K views

17. Ordering materials, setting up machines, assembling products, and inspecting products...

Finance
1.2K views

Determine the following: Total sales Cost of goods sold Gross Margin Gross Margin...

Finance
1.2K views

Sarah wants to buy a $600000 one-bedroom apartment in Toronto. She believes that she can...