The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows: PLANT AND MACHINERY - COST 1.7.20X3 Balance 240,000 30.9.20X3 Disposal 60,000 1.1.20X4 Cash 160,000 30.6.20X4 Impairment 10,000 30.6.20X4 Revaluation 40,000 The company's policy is to charge depreciation on the straight line method, with proportionate depreciation in the years of purchase and disposal. Plant and machine have 5 years useful life. None of asset has used more than 3 years. Required: i, Explain key transactions incurred with non-current asset during the year? ii, Determine the depreciation charge for the year ended 30 June 20X4 (show working)?

The plant and machinery at cost account of a business for the year ended 30 June 20X4 was as follows: PLANT AND MACHINERY - COST 1.7.20X3 Balance 240,000 30.9.20X3 Disposal 60,000 1.1.20X4 Cash 160,000 30.6.20X4 Impairment 10,000 30.6.20X4 Revaluation 40,000 The company's policy is to charge depreciation on the straight line method, with proportionate depreciation in the years of purchase and disposal. Plant and machine have 5 years useful life. None of asset has used more than 3 years. Required: i, Explain key transactions incurred with non-current asset during the year? ii, Determine the depreciation charge for the year ended 30 June 20X4 (show working)?

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 – COST1.7.20X3Balance240,00030.9.20X3 Disposal60,0001.1.20X4Cash160,00030.6.20X4 Impairment10,00030.6.20X4 Revaluation40,000The

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1PB: Consider the following situations and determine (1) which type of liability should be recognized...

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