The following information relates to DICCEE PLC as at January 1, 2017

=N=’000

Land & Buildings 50,900

Plant, Machinery and Equipment 34,460

Furniture and Fittings 3,690

Accumulated Depreciation:

Land & Buildings 8,110

Plant, Machinery & Equipment 8,640

Furniture and fittings 584



During the year, Plant costing N10 million was acquired. Legal charges: 0.5Million, installation cost; 0.5Million: Transport of the Plant; 0.3Million, site preparation;0.4 Million, salary of security guard per year 0. 177 Million Maintenance cost 2million. Furniture and Fittings acquired during the year amounted to N1.86 million. An item of Equipment which was bought in 2008 was sold for N1.1 million during the year. Also disposed within the year was one of the Warehouse buildings acquired in 2007 at the cost of N5 million.

The Entity’s depreciation policy is as follows:

a. The assets are depreciated on Straight-line basis at the following rates -

Land & Buildings 2% p.a

Plant,Machinery & Equipment 10% p.a.

Furniture and fittings 12.5% p.a



Required:

Prepare the Fixed Assets schedule (PPE) /Depreciation Schedule for 2012 year-end Financial

1.

Answer rating: 100% (QA)

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