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Prepare the depreciation journal entry for the year

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Reference no: EM133127331

Question - Tyrodo Limited, a company involved in the manufacture of tyres, purchased new equipment on the 1 January 2017 for an amount of R350,000. The equipment had a useful life of 4 years on this date and a R0 residual value. The equipment had a carrying value of R175,000 on the 31st December 2018. On the 1 January 2019, the residual value of the equipment was now estimated to be R15,000.

Required -

1. Prepare the depreciation journal entry/entries for the year ended 31st December 2019 using the Re-allocation Method assuming no journals had been passed yet. Please include narrations.

2. Prepare the Profit before tax note AND the note in terms of IAS 8, the statement on Accounting policies, estimate and errors for the year ended 31st December 2019.

Reference no: EM133127331

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