The following information relates to the disposal of twomachines by Yumi: Machine 1 Machine 2 USD USD Cost 120,000 100,000 Selling price 90,000 40,000 Profit/(loss) on sale 30,000 (20,000) What was the total accumulated depreciation on both machines sold?
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1 .Which of the following statements are correct?(1) All non-current assets must be depreciated(2) If goodwill is revalued, the revaluation surplus appears in the statement of changes in equity(3) If a tangible non-current asset is revalued, all tangible assets of the same class should be revalued(4) In a company’s published statement of financial position, tangible assets and intangible assets must be shown separately
A 1 and 2 only B 1 and 4 only C 2 and 3 only D 3 and 4 only
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A Yes, it is required B Yes, it is allowed but not required C Yes, it is allowed only in prescribed circumstances D No it is not allowed
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A USD48,000 B USD48,400 C USD50,600 D USD51,400
4 .Thames depreciates non-current assets at 20% per annum on a reducing balance basis. All non-current assets were purchased on 1 April 20X3. The carrying amount on 31 March 20X6 is USD20,000.What is the accumulated depreciation (to the nearest USD000) as at that date?
A USD15,000 B USD19,000 C USD30,000 D USD39,000
5 .At 31 December 2014 Cutie owned a building that had cost USD800,000 on 1 January 2005. It was being depreciated at 2% per year.On 31 December 2014 a revaluation to USD1,000,000 was recognised. At this date the building had a remaining useful life of 40 years.Which of the following pairs of figures correctly reflects the effects of the revaluation?
A Depreciation charge for year ending 31 December 2015: USD25,000 ; Revaluation surplus as at 31 December 2014: USD200,000 B Depreciation charge for year ending 31 December 2015: USD25,000 ; Revaluation surplus as at 31 December 2014: USD360,000 C Depreciation charge for year ending 31 December 2015...
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A USD3,226 B USD3,161 C USD2,824 D USD2,744
8 .Upton makes up its financial statements to 31 December each year. On 1 January 20X0 it bought a machine with a useful life of 10 years for USD200,000 and started to depreciate it at 15% per annum on the reducing balance basis. On 31 December 20X3 the accumulated depreciation was USD95,600 and the carrying amount USD104,400. During 20X4 the company changed the basis of depreciation to straight line.What is the correct accounting treatment to be adopted in the financial statements of Upton for the year ended 31 December 20X4?
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