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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?
Q. Example of Net purchases? Only the description would change. If Hanlon had previously paid the account the debit would be to Cash instead of Accounts Payable ever since Hanl
the guinegog is a trader in portable cd-man. His budgeted output is 5000 units per quarter. The following data was available for the year 1998: Direct labour @ $6 Direct material @
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contributed her $10000 in exchange for $1000 of the shares. this was deposited into a new corporate bank account she set up with TD canada trust
even after preparing BRS why does balance as per cash book and balance as per pass book do not tally?
Accounting supposes that the business as an accounting entity will continue to operate for a long time in the future, unless there is superior evidence to the contrary. The enterpr
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stpes to be taken prepaing for final accounts
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
A high school counselor needs to show whether the teenage pregnancy rate at her school is disimilar from the rate nationwide. She knows that the rate nationwide is 15 %. She random
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