Vinny purchased some new equipment on 28 February 2016 for 240,000. Vinnys policy is to depreciate equipment
Question:
Vinny purchased some new equipment on 28 February 2016 for £240,000. Vinny’s policy is to depreciate equipment at 30% per year using the reducing balance method. He calculates a full year’s charge in the year of acquisition and none in the year of disposal.
(a) What will be the depreciation expense in respect of this equipment in Vinny’s financial year ended 31 August 2020?
(b) Suggest why it might be more appropriate to use the reducing balance method of depreciation for certain assets.
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a Depreciation Expense for the Year Ended 31 August 2020 Vinny uses the reducing balance method with ...View the full answer
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Related Book For 
Frank Woods Business Accounting An Introduction To Financial Accounting
ISBN: 9781292365435
15th Edition
Authors: Alan Sangster, Lewis Gordon, Frank Wood
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