(a)On 1 July 2019, Colonel Toxic commenced his business and operated a fast food outlet. Colonel chooses...
Fantastic news! We've Found the answer you've been seeking!
Question:
(a)On 1 July 2019, Colonel Toxic commenced his business and operated a fast food outlet. Colonel chooses to apply his own estimates of effective life to the two assets purchased during his first year of operations.Asset Cost ($) Date of purchase Depreciation method
Espresso Machine 6,000 1 sep 2019 Prime cost
Menu Board 3000 1 april 2019 Diminishing method
Required:
Calculate the deduction for decline in value available to Colonel for the 2019/2020 income year
Posted Date: