[carolinetaivei]

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.