On 1.1.14 machinery was purchased for $ 100,000. On 1.7.15 additions were made to the amount...

Transcribed Image Text:

On 1.1.14 machinery was purchased for $ 100,000. On 1.7.15 additions were made to the amount of $ 40,000. On 31.12.2015, machinery purchased on 1.7.2014, costing 16,000 was sold for $20,000 and on 30.06.2015 machinery purchased on 1.1.2014 costing '$22,000 was sold for $ 16,700. On 1.10.2016, additions were made to the amount of $20,000. Depreciation was provided at 10% p.a. on the Diminishing Balance Method. Calculate depreciation for three years from 2014-2016. (year ended 31st December) On 1.1.14 machinery was purchased for $ 100,000. On 1.7.15 additions were made to the amount of $ 40,000. On 31.12.2015, machinery purchased on 1.7.2014, costing 16,000 was sold for $20,000 and on 30.06.2015 machinery purchased on 1.1.2014 costing '$22,000 was sold for $ 16,700. On 1.10.2016, additions were made to the amount of $20,000. Depreciation was provided at 10% p.a. on the Diminishing Balance Method. Calculate depreciation for three years from 2014-2016. (year ended 31st December)

Answer rating: 100% (QA)

The detailed ... View the full answer