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Question:
Part A:
Briefly explain the term "depreciation" and give three reasons why do we need to provide for depreciation on fixed assets during a financial year.
Part B:
The following information is available for the year ended 31 December 2007 for Rooney Ltd:
Provision for depreciation (as at 01 January 2007) Rs 25,000 Fixed Assets at costs (as at 01 January 2007) Rs 125,000
Fixed Assets acquired on 01 March 2007 Rs 50,000 Fixed Assets acquired on 01 April 2008 Rs 15,000 (a) Calculate the depreciation figure for the years ended 31 December 2007 and 2008 using:
(i) 20% straight line method of depreciation (ii) 20% reducing balance method of depreciation
(b) What will be the net book value of Fixed Assets as at 31 December 2007 and 2008 using both methods?
Houston Corporation has the following stock outstanding: In 2012, Houston paid $330,000 in dividends. No dividends were paid in 2011 or 2010. Required : a)
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Amounts paid on June 30 for a 1-year insurance policy. Is this a pre¬paid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.
The balance sheet account as of July 31, 1995 for XYZ company are : Capital: (fix lib) 35,630 Office Equipment (ass) 16730 Delivery
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