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  • Mar 22, 2012, 04:15 PM
    carolinetaivei
    accounting question and answers
    Depreciation



    Acquisition Date Original Cost Opening Written down value Date of Disposal Amount of consideration Rate
    Ordinary O)
    Initial (I)
    Toyota 15/8/97 58 000 20 000 15/ 3/00 $15 000 10% (O)


    Datsun 25/8/00 70 000 10 % (O)
    3 Ton Truck 21/10/00 100 000 30% (I)
    15% (O)

    Financial Year ends 31/12/2000
    Additional information
    1. use balancing charge to offset against similar assets
    2. the company directors have decided that they will not pay tax on any revenue gain from the sale assets.
    3. any loss on sale of assets will be claimed as expenses.


    Required :
    Your calculation of the depreciation schedule should show the following :
    Capital Gain
    Revenue Gain
    Depreciation
    Loss on disposal
    Opening and closing written down value.
    Balancing Charge used.

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