The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows:PLANT AND MACHINERY – COST$20X31 Jul Balance20X41 Jan Cash – purchase of plant20X3240,000 30 Sep Transfer disposal account60,00020X4160,000 30 Jun Balance400,000340,000400,000The company's policy is to charge depreciation at 20% per year on the straight line basis, withproportionate depreciation in the years of purchase and disposal.What should be the depreciation charge for the year ended 30 June 20X4?

Name: The plant and machinery at cost account of a business for the year en
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Description: The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows:PLANT AND MACHINERY – COST$20X31 Jul Balance20X41 Jan Cash – purchase of plant20X3240,000 30 Sep Transfer disposal account60,00020X4160,000 30 Jun B

We have the following information: (1st July, 20X3) Opening Balance: $240,000 (30th June 20X4)…

Business

Accounting

The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows: PLANT AND MACHINERY – COST 2$ 20X3 30 Sep Transfer disposal account 20X4 30 Jun Balance 20X3 1 Jul Balance 20X4 240,000 60,000 1 Jan Cash – purchase of plant 160,000 400,000 340,000 400,000 The company's policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal. What should be the depreciation charge for the year ended 30 June 20X4?

The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows: PLANT AND MACHINERY – COST 2$ 20X3 30 Sep Transfer disposal account 20X4 30 Jun Balance 20X3 1 Jul Balance 20X4 240,000 60,000 1 Jan Cash – purchase of plant 160,000 400,000 340,000 400,000 The company's policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal. What should be the depreciation charge for the year ended 30 June 20X4?

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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