Question
Dolly is a freelance photographer running her own sole trader business. She has the following existing plant and equipment recorded on her uniform capital allowances
Dolly is a freelance photographer running her own sole trader business.
She has the following existing plant and equipment recorded on her uniform capital allowances schedule
Plant on hand
ItemCost $OAV at 1.7.2019Rate
Furniture office14,6006,00010% diminishing value
Film equipment25,00018,00040% diminishing value
Editing equipment30,00022,00020% diminishing value
Computer System12,0006,00020% prime cost
During the year she made some new purchases and disposals are as follows:
Purchases
ItemPurchase datePrice $Effective life
Film Equipment1.10.201935,0004 years
Camera 116.1.20205,8005 years
Camera 21.6.20201,5002.5 years
Sales
ItemSale dateSale price $
Film Equipment1.10.201932,000
Furniture Office5.5.20204,000
Camera 130.6.20205,000
Required:
Prepare the uniform capital allowance schedule for Dolly based on the above information and taking into account she does not wish to use any SBE concessions
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