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Using the reducing balance method, calcuate depreciation for year 4. The annual rate is 10%. The asset cost £20,000.
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
Using straight line method, calcuate the depreciation per annum if the company buys a vehicle for £15,000, keeps it 5 years, and sells for £5,000.
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
The depreciation calculations are recorded in which ledger account
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
The headings added to the balance sheet for fixed assets are:
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
The net book value of the companies vehicles is £15,000. The current market value of the vehicles is £12,500. How much is this year's depreciation?
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
Which reason for depreciation is untrue?
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
Which method of depreciation uses the formula = (cost - total depreciation) * %
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
Annual calculation of depreciation is shown in which final account
PROFIT AND LOSS ACCOUNT
1458
COST TOTAL DEPRECIATION NET BOOK VALUE
REDUCING BALANCE METHOD
£2000
provision for depreciation account
£2,500
fit for purpose
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