Question: Question Fill in the missing figures in the note to the Statement of Financial position for fixed assets. A portion of the land and buildings

Question

Fill in the missing figures in the note to the Statement of Financial position for fixed assets.

A portion of the land and buildings were sold at book value. The vehicles were purchased on the last day of the accounting period and all the depeciation relates to equipment.

Fixed Assets Land & buildings Vehicles Equipment Total
Carrying value at beginning of year 2,595,000.00 - 2,200,000.00 4,795,000.00
Cost 2,595,000.00 - 2,910,000.00 5,505,000.00
Accumulated depreciation - - 710,000.00 710,000.00
Movements
Additions at cost - 2,272,000.00 302,000.00
Depreciation for the year - - (230,000.00) (230,000.00)
Disposals at carrying value 655,000.00 - 655,000.00
Carrying value at end of year 1,940,000.00 2,272,000.00 2,207,778.00 6,420,000.00
Cost 1,940,000.00 2,270,000.00 3,212,000.00 7,422,000.00
Accumulated depreciation - - 480,000.00 480,000.00

Kindly confirm if my calculations in BOLD is correct

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f