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FAC1502 Assignment 2 2022

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FAC1502 Assignment 2

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  • February 6, 2022
  • 6
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

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FAC1502 ASSIGNMENT 2




This study source was downloaded by 100000828791684 from CourseHero.com on 08-26-2021 16:30:43 GMT -05:00


https://www.coursehero.com/file/32833340/FAC1502-ASSIGNMENT-2-anoe-1pdf/

, FAC1502 ASSIGNMENT 2
UNIQUE NUMBER 765738


QUESTION 1

To calculate profit upon a disposal of a PPE asset one has to calculate accumulated depreciation.
Selling price - Accumulated depreciation = loss(-)cr \profit (+) dr
One needs to construct a timeline for the disposal.
Cost of the vehicle 21600
Total accumulated depreciation (the years involved) (14040)
1 july 2013-june 2014= 6\12 × 20%×21600= 2160
1 july 2014-30 june 2015 20%×21600= 4320
1 july 2015-30 june 2016 20%×21600= 4320
1 july 2016-31 march 2017 9\12×20%×21600= 3240

Carrying amount(add all the
depreciations) 7560

Profit = selling price -book value

Selling Price 5000
Book value 7560
loss on the sale of an asset -2560

OPTION 5

QUESTION2
WHENEVER THERE IS A MOVEMENT OF ASSETS DURING THE YEAR DEPRECIATION HAS TO BE CALCULATED
SEPERATELY FOR EACH ASSET.

Total depreciation 17433
Total depreciation for machinery(old)57600×25%= 14400
depreciation of the new 72800×2\12×25%= 3033

OPTION 2




This study source was downloaded by 100000828791684 from CourseHero.com on 08-26-2021 16:30:43 GMT -05:00


https://www.coursehero.com/file/32833340/FAC1502-ASSIGNMENT-2-anoe-1pdf/

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