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Calculate the amount of depreciation loss for the year ended

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Reference no: EM132995847

Problem - Jason Day commenced a business on 1 April 2018 and would like to claim maximum depreciation for the assets, which he purchased for his new business shown below.

Asset

Date of acquisition

Cost ($)

Oven

3 April 2018

20,000

Trays

10 May 2018

1,250

Van

19 May 2018

45,000

Tins

11 November 2018

700

Slicing Machine

8 January 2018

8,000

Inland Revenue's depreciation rates

Item

DV depreciation Rate (%)

SL depreciation rate (%)

Oven

10

7

Trays

40

30

Van

20

13

Tins

40

30

Slicing Machine

13

8.5

Required - Calculate the amount of depreciation loss for the year ended 31 March 2019 for Jason's business assuming the pool method is used for all assets costing $5,000 and under.

Reference no: EM132995847

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