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Answer to Q-10.7(Low value pool, asset with part private use) Note- Please show...

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Accounting

Answer to Q-10.7(Low value pool, asset with part private use)
Note- Please show all workings where necessary and you may use additional space below
Please write your workings/explanations and answers in Blue cells QUESTION 10.7
(Low value pool, asset with part private use)
Scooby Montana is employed as a salesperson. Scooby uses a low value
pool which, at 30 June 2021, had a balance of $1,850.
On 1 September 2021, Scooby bought a mobile phone for $580 which he
used entirely for work. The phone has an effective life of 3 years.
On 31 January 2022, Scooby purchased a photocopier for $800. He
estimates that the copier is used 80% for work and has a useful life of 6
years.
Calculate the balance of Scooby's low value pool as at 30 June 2022.
Calculate the decline in value deduction available for the 2021/22 tax
year.prepare tax documentation for individuals edition 18 solution to question 10.7
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