As at 1 January 2010, Kite Metalwork owns machinery acquired for 720,000 and written down to 384,800
Question:
As at 1 January 2010, Kite Metalwork owns machinery acquired for £720,000 and written down to £384,800 by that date. The business acquired another machine on 1 August 2010 for £120,000. Depreciation is calculated at 25% per year using the reducing balance method, with proportionate depreciation in the year of acquisition.
Required:
Show the entries in the asset account and the Accumulated depreciation account for the year ended 31 December 2010.
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Accumulated depreciation on 112010 720000 384800 335200 Depre...View the full answer
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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