A firm purchased machinery on 1 January 20X4 for 40,000, at which date the relevant price index
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A firm purchased machinery on 1 January 20X4 for £40,000, at which date the relevant price index for machinery was 100. Depreciation is charged on a straight line basis at 25 per cent per annum. The index at 31 December 20X4 had moved to 150, and at 31 December 20X5 it was 200. Show the current cost balance sheet entries for machinery at 31 December 20X4 and 31 December 20X5. Calculate the adjustments to the current cost reserve in respect of machinery.
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Related Book For 
Frank Woods Business Accounting Volume 2
ISBN: 9780273693109
10th Edition
Authors: Frank Wood, Alan Sangster
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