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Currant commenced business on 1.10.X2 purchasing fixtures and fittings for £25,000 and a van for £16,000. The fixtures and fittings were estimated to have a useful life of eight years and a residual value of £1,800. Further fittings were purchased on 1.11.X5 for £15,200 with nil residual value.
During December 20X6 the van was involved in an accident and the insurance assessors considered it a write-off. A cheque for £3,200 was received in December from the insurers in full settlement. Another van was purchased on 5 January 20X7 at a cost of £18,500. Depreciation policy of Currant is to charge a full year in the year of purchase and none in the year of sale, and to depreciate fixtures and fittings on a straight line basis and vehicles by 25% reducing balance.
Prepare the ledger accounts for the two years ending 30.9.X6 and 30.9.X7 for each non-current asset together with related provision for depreciation and the sale of asset accounts. Show the balance sheet extract for fixed assets as at the two year ends.
bills buys a raffle ticket for 100 as sold by a local charity as a fund raising event for the charity. the potential
Suzy has been the sole shareholder of a calendar year S-Corporation since 1979. The S-Corporation has the following balances.
Determine the amount of the bundled product sell price that should be allocated to each individual software item using the incremental method with individual sales items ranked as follows: (1) word processing (2) spreadsheet (3) accounting.
western outfitters mountain sports projected 2008 sales of 75000 units at a unit price of 12.00. actual 2008 sales were
Identify the relative strengths
a lease agreement calls for quarterly lease payments of 5600 over a 15-year lease term with the first payment at july 1
wexford plc manufactures highquality wooden toys. production variesfrom long runs of popular models to short runs of
The organization that you work for has been thinking about implementing an ERP system. They have asked you to prepare a summary of this topic.
harrington inc. is introducing a new product in its line of household appliances. household products generally have 10
State law requires the depreciation be charged to principal. What part of the depreciation deduction will be allocated to Mark?
Provide an explanation of how adjusting the discount rate in the basic NPV model of capital budgeting deals with the problem of project risk.
On January 2, Ubuy.com paid $ 100,000 to acquire 25 percent (10,000 shares) of the common stock of E- Net Corporation. The accounting period for both companies ends December 31. Give the journal entries for the purchase on January 2 and for each of t..
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