Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question
Each question is worth 2 marks.
The plant and machinery account (at cost) of a business for the year ended 31 December 20X5 was as follows:
Plant and machinery – cost
20X5 $ 20X5 $
1 Jan Balance b/f 240,000 31 Mar Transfer to disposal account 60,000
30 Jun Cash purchase of plant 160,000 31 Dec Balance c/f 340,000
–––––––– ––––––––
400,000 400,000
–––––––– ––––––––
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 31 December 20X5?
A $68,000
B $64,000
C $61,000
D $55,000
Answer:
D
$
Depreciation:
Jan–Mar 240,000 x 20% x 3/12 12,000
Apr–Jun (240,000 – 60,000) x 20% x 3/12 9,000
Jul–Dec (180,000 + 160,000) x 20% x 6/12 34,000
–––––––
55,000
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