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Briefly explain the term "depreciation" and give three reasons why do we need to provide for depreciation on fixed assets during a financial year.
The following information is available for the year ended 31 December 2007 for Rooney Ltd:
Provision for depreciation (as at 01 January 2007) Rs 25,000 Fixed Assets at costs (as at 01 January 2007) Rs 125,000
Fixed Assets acquired on 01 March 2007 Rs 50,000 Fixed Assets acquired on 01 April 2008 Rs 15,000 (a) Calculate the depreciation figure for the years ended 31 December 2007 and 2008 using:
(i) 20% straight line method of depreciation (ii) 20% reducing balance method of depreciation
(b) What will be the net book value of Fixed Assets as at 31 December 2007 and 2008 using both methods?
Workout Expenditures Professional fees (legal, accounting, appraisal) paid to entities unaffiliated with the investment company's advisor or sponsor in connection with any of t
The book of Deven Verma could not be tallied. The accountant transferred the difference of Rs. 1,270 in the suspense account on the debit side. The following mistakes were found la
Which accounting policies demonstrate the matching principle? 1 charging depreciation on non-current assets 2 revaluing non-current assets on a irregular basis 3 using the re
An example of a committed fixed cost would be: a) taxes on real estate b) management development programs c) public relations d) advertising programs
Received and paid the telephone bill for $231 including GST
state why carriage inwards is stated on the trading account
Your report must include at a minimum the following items. 1. Calculate the following ratios based on the 2011 financial statement: * Current ratio * Quick ratio * Total asset
A portion of company profits allocated by an employer, in good years, to an employee's trust.Contributions on behalf of every employee are expressed as a percentage of salary with
2013, May 1st: 1 started in bnusiness with capital in cash of 1,800 and 4,200 in the bank. 2nd: Bought goods on credit from: j.Ward 600, P.Green 515
During the current year, Mast Corporation expects to produce 10,300 units and has budgeted the following: net income $350,376; variable costs $1,080,800; and fixed costs $105,000
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