In the books of Dickory plc machinery acquired at a cost of 800,000 and depreciated at 10%
Question:
In the books of Dickory plc machinery acquired at a cost of £800,000 and depreciated at 10% per annum, using the straight-line method, is reported on the Statement of financial position at 31 December 2010 at its written-down value of £320,000. On 1 January 2011 the machinery has been professionally valued at £500,000.
Required:
How will these transactions be reported in the financial statements of the company for the year ended 31 December 2011?
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To report the transactions in the financial statements of Dickory plc for the year ended 31 December ...View the full answer
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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