Question 8.3 explanation please. (2 marks)profit.The carrying amount of a Billing's non-current assets was $200,000 at 1 August 20X0. During the yearended 31 July 20X1, the company sold non-current assets for $25,000 on which it made a loss of$5,000. The depreciation charge for the year was $20,000. What was the carrying amount ofnon-current assets at 31 July 20X1?8.2$150,000$155,000$160,000$180,000ACed(2 marksY purchased some plant on 1 January 20X0 for $38,000. The payment for the plant was correctlyentered in the cash book but was entered on the debit side of the plant repairs account.8.3Y charges depreciation on the straight line basis at 20% per year, with a proportionate charge in theyears of acquisition and disposal, and assuming no scrap value at the end of the life of the asset.How will Y's profit for the year ended 31 March 20X0 be affected by the error?Understated by $30,400Understated by $36,100Understated by $38,000Overstated by $1,900C(2 markB acquired a lorry on 1 May 20XO at a cost of $30,000. The lorry has an estimated useful life of fouryears, and an estimated resale value at the end of that time of $6,000. B charges depreciation on thestraight line basis, with a proportionate charge in the period of acquisition.8.4What will the depreciation charge for the lorry be in B's accounting period to 30 September 20X0?$3.000

When ever any fixed asset is purchased , then we should not take it as expenses in the year of…

ABCD Y purchased some plant on 1 January 20X0 for $38,000. The payment for the plant was correctli entered in the cash book but was entered on the debit side of the plant repairs account. 8.3 Y charges depreciation on the straight line basis at 20% per year, with a proportionate charge in years of acquisition and disposal, and assuming no scrap value at the end of the life of the asset. How will Y's profit for the year ended 31 March 20X0 be affected by the error? Understated by $30,400 Understated by $36,100 Understated by $38,000 Overstated by $1,900 (2

ABCD Y purchased some plant on 1 January 20X0 for $38,000. The payment for the plant was correctli entered in the cash book but was entered on the debit side of the plant repairs account. 8.3 Y charges depreciation on the straight line basis at 20% per year, with a proportionate charge in years of acquisition and disposal, and assuming no scrap value at the end of the life of the asset. How will Y's profit for the year ended 31 March 20X0 be affected by the error? Understated by $30,400 Understated by $36,100 Understated by $38,000 Overstated by $1,900 (2

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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