Machinery acquired for 720,000 is reported at 484,000 on Leyton plcs Statement of financial position as at
Question:
Machinery acquired for £720,000 is reported at £484,000 on Leyton plc’s Statement of financial position as at 31 December 2010. On 1 April 2011 a machine acquired for £120,000 on 1 July 2008 was traded in for another, with a list price of £160,000, the difference in value of £98,000 being paid in cash. On 30 June 2011 Leyton plc scrapped a machine acquired for £180,000 on 1 July 2007. The cost of scrapping amounted to £1,000. Machinery is depreciated at 10% per annum, using the straight-line method and time apportioning for the months in use.
Required:
Set out how these transactions will feature in the financial statements for the year ended 31 December 2011.
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a 10 of 120 for two years and 9 months 33 b 720 484 236 c 10 of 180 for four years 72 d 10 ...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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