On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400.On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum.What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period?P 30,400P 34,000P 34,000P 32,400

Net book value of the assets = Total cost of the assets - Accumulated depreciation where,…

On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May additional furniture costing P 12,000 was bought. The furniture is depreciated at the rato 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? Oa P30,400 P 34,000 P 34,000 P 32,400

On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May additional furniture costing P 12,000 was bought. The furniture is depreciated at the rato 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? Oa P30,400 P 34,000 P 34,000 P 32,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

for a motor vehicle which cost $12000 was bought on credit from trucks ltd on 1 January 20X9. financial statements are prepared annually to 31 December and depreciation of vehicle is provided at 25% per annum under the reducing balance method. prepare the motor vehicle account and the accumulated provision for depreciation on motor vehicles account for the first 2 years of the motor vehicle's working life
15. On March 1, 20XX, ABM company sold 300 one-year subscriptions for ₱15 each. The total amount received was credited to subscriptions revenue. How much should be recorded as liability? A. ₱750 B. ₱4,500 C. ₱3,750 D. ₱0
27600 -12 750 14 850 ACTIVITY 2.17 The information below was taken from the books of Pat Traders. The business provides for depreciation on vehicles at 20 %% per annum on the diminished balance. The accounting period ends on 30 June each year. Sept 20.5. INSTRUCTIONS: ly20 Complete the three accounts in full (including folio references) for the period 1 September 20.3 to 30 June 20.6. Show your workings. Grade 11 Learners book New Generation Accounting Grade 11
18- Ghazi Textiles bought a conveyor belt that is classified as 3-year asset for MACRS.The conveyor belt cost $100,000.What is the amount of the book value at the end of year 3? Year Depreciation Allowance % 1 33.00 2 45.00 3 15.00 4 7.00 19- Temecula Motors bought a car washing machine, that is classified as 3-year asset for MACRS.The machine cost $9,800. What is the book value at the end of year 3? Year Depreciation Allowance 1 33.33% 2 44.45% 3 14.81% 4 7.41%
FE7The net book value of furniture and fixtures at October 1, 20X1, was $20,976, Depreciation isexpensed on the diminishing balance basis at 15% per annum. Original cost of the machine was$50,000 having a salvage value of $5,000 with an estimated life of 10 years.To the nearest dollar, what is the depreciation expense per diminishing method for the year endedSeptember 30, 20X2?a) $4,500b) $5,000c) $3,146.40d) $3,054.60
Wolfpack Corp. has determined it should record depreciation expense of $40,000 for the year ending 12/31/X7. Required: In the general journal below, complete the year-end entry to record depreciation. Debit Credit Dec 31 ? 40,000 ? 40,000
Composite rate- 9.30% Composite life- 10.56 years The company receives P40,000 upon retirement of the machinery at the end of 5th year, debited to accumulated depreciation is P2,510,000 (P2,550,000-40,000). Question:How much is the total carrying amount of the assets at the end of the 6th year?
J3.
A sala set which cost 9,250 depreciates by 25% of its value each year. Make out adepreciation table for the first 3 years and find the book value at the end of 6 years.(Declining Balance Method)
Compu Ltd purchased an asset worth 25,000. Useful life=10 years Residual value=1,000 Accounts of the company was closed on 31st December every year. Compu Ltd follows straight line depreciation method annually. Find out rate of depreciation and provide journal entries for the first 2 years.
Only Ex 9-19 please and thank you!
A business with a reporting period of the 12 months ended 30 June buys a non-current asset on 1 July 20X3 for £200,000. Depreciation is charged at 15% per annum on the reducing balance basis. On 30 June 20X5 the asset was sold for £54,800. What was the loss on sale of the asset?