Redruth commenced trading on 1 April 2012. The carrying amount of plant and equipment in Redruth’s financial statements as at 31 March 2014 was USD399,960. The cost of these assets was USD614,500. On 31 March 2015 an asset costing USD11,500 was acquired. Depreciation is charged on plant and equipment monthly at an annual rate of 25% straight line. There are no residual values.What is the carrying amount of Redruth’s plant and equipment in its statement of financial position at 31 March 2015?

1 .The plant and machinery at cost account of a business for the year ended 30 June 2015 was as follows: Plant and machinery – cost 2014 USD 2014 USD 1 July Balance 240,000 30 Sept. Transfer disposal account 60,000 2015 2015 1 Jan Cash-purchase of plant 160,000 30 Jun Balance 340,000 ——— ——— 400,000 400,000 ——— ——— The company’s policy is to charge depreciation at 20% per year on the straight line basis, with proportionate depreciation in the years of purchase and disposal.What should be the depreciation charge for the year ended 30 June 2015?

A USD68,000 B USD64,000 C USD61,000 D USD55,000

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2 .A business’s statement of profit or loss for the year ended 31 December showed a profit of USD83,600. It was later found that USD18,000 paid for the purchase of a motor van had been debited to motor expenses account. It is the company’s policy to depreciate motor vans at 25% per year, with a full year’s charge in the year of acquisition.What would the profit be after adjusting for this error?

A USD70,100 B USD97,100 C USD101,600 D USD106,100

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3 .The plant and machinery cost account of a company is shown below. The company’s policy is to charge depreciation at 20% on the straight line basis, with proportionate depreciation in years of acquisition and disposal. Plant and machinery – cost 2015 USD 2015 USD 1 Jan Balance 280,000 30 June Transfer disposal 14,000 1 Apr Cash 48,000 31 Dec Balance 350,000 1 Sept Cash 36,000 ——— ——— 364,000 364,000 ——— ——— What should be the depreciation charge for the year ended 31 December 2015?

A USD64,200 B USD67,000 C USD68,600 D USD70,000

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4 .Sam’s statement of profit or loss for the year ended 31 December 2015 showed a profit of USD83,600. It was later found that USD18,000 paid for the purchase of a motor vehicle on 1 January 2015 had been debited to motor expenses account. It is the company’s policy to depreciate motor vehicles at 25% per year.What is Sam’s profit for the year after adjusting for this error?

A USD70,100 B USD97,100 C USD101,600 D USD106,100

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5 .On 1 January 2013 Joffa purchased a new machine at a cost of USD96,720. Delivery costs were USD3,660 and internal administration costs of USD9,450 were incurred. At that time Joffa planned to replace the machine in five years, when it would have no value, and to depreciate the machine on a straight line basis.Joffa decides on 1 January 2015 that the machine only has one remaining year of useful life.There is no expected change to the residual value at the end of its life.What is the depreciation expense in respect of this machine for the year ended 31 December 2015?

A USD33,460 B USD58,032 C USD60,228 D USD65,898

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7 .SSG bought a machine for USD40,000 in January 2012. The machine had an expected useful life of six years and an expected residual value of USD10,000. The machine was depreciated on the straight-line basis where a full year’s charge in made in the year of purchase and none in the year of sale. In December 2015, the machine was sold for USD15,000. The company includes any profit or loss on disposal of assets with depreciation expense in its financial statements. Its year end is 31 December.What is the total amount charged to the statement of profit or loss over the life of the machine?

A USD15,000 B USD20,000 C USD25,000 D USD30,000

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8 .A company purchased equipment for USD80,000 on 1 July 2012. The company’s accounting year end is 31 December and it has a policy to charge a full year’s depreciation in the year of purchase. The company depreciates its equipment on the reducing balance basis at 25% per annum.What is the carrying amount of the equipment at 31 December 2015?

A USD18,984 B USD25,312 C USD29,531 D USD33,750

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9 .On 1 September 2013 Cyanne purchased a non-current asset for USD88,000 which had a useful life of four years and no residual value. The company’s policy is to depreciate non-current assets at 25% per annum on the reducing balance basis.When preparing the financial statements for the year to 31 October 2015, the accountant calculated the depreciation charge on the straight line basis.What will be the effect of correcting the depreciation charge on profit for the year to 31 October 2015?

A Reduced by USD5,500 B Increased by USD5,500 C Reduced by USD16,500 D Increased by USD16,500

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10 .Strad depreciates non-current assets on the reducing balance basis at a rate of 25% per annum.At 1 May 2014, the company’s non-current assets had cost USD680,500 and accumulated depreciation was USD285,900. In the year to 30 April 2015, Strad bought new assets which cost USD32,800. All assets are depreciated for a full year, irrespective of the date of acquisition.What is the depreciation charge for the year to 30 April 2015?

A USD98,650 B USD106,850 C USD178,325 D USD249,800

题型: 单选题 提问时间: 2021-08-24

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