Raymond Industries reported machinery, as at 1 April 2010, at cost at 1,320,000. Particulars of machinery are
Question:
Raymond Industries reported machinery, as at 1 April 2010, at cost at £1,320,000. Particulars of machinery are stated on the right. On 1 July 2010 it sold machine AC504 for £180,000 and replaced it on 1 October 2010 with another PT702 costing £600,000. The policy of the business is to depreciate each machine at 20% per annum using the straight-line method and time apportioning the depreciation expense for the nearest number of months each machine was used in each accounting period.
Required:
(a) Identify the accumulated depreciation relating to each machine as at 1 April 2010.
(b) Show how the transactions stated above would be reported in the Statement of income of the business for the year ended 31 March 2011 and the Statement of financial position as at that date.
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a b a Gain on disposal 180000 320000 208000 16000 depreciation 84000 b Depreciation 20 of 320000 ...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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