Mr Pink The following extracts are from notes to the Statement of Financial Position of...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Mr Pink
The following extracts are from notes to the Statement of Financial Position of Mr Pink as at 30
September 2019;
SFP AS AT 30 September 2018 [extract]
Non-current Assets
Cost Accumulated Carrying
Depreciation Value
Land & Buildings 900,000 (240,000) 660,000
Plant & Machinery 80,000 (0) 80,000
Motor Vehicles 110,000 (16,500) 93,500
The following information is relevant;
1. Included in the land and buildings is land which originally cost 250,000. Buildings are
depreciated using a straight line method over 50 years (2% per annum)
2. Plant & Machinery was purchased on 1 April 2017. It has an estimated useful life of 17 years,
a residual value of 14,000 and is to be depreciated using a straight line method
3. Motor Vehicles are depreciated at 15% using a reducing balance method
Required;
Calculate the depreciation charge for the year and the amounts to be transferred to the Statement
of profit or loss and Statement of Financial Position
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.