logo

Online Library for Study Material with Solved Assignments - Desklib

Please answer questions including all working process, please submit on the moodle, only word file will be accepted, keep similarity rate as low as possible, less than 20%. Use your SID and name to be the name of the file. Question 1 (8 marks) On 1 July 2011 Sprintfast Couriers, which has a year-end of 30 June, purchased a delivery truck for use in its courier operations at a cost of $65 000. At the end of the truck’s useful life it is expected to have a residual value of $5000. During its six-year useful life, Sprintfast Couriers Limited expected the truck to be driven 246 000 kilometres. Required Calculate the annual depreciation charge for each of the six years of the truck’s life using the following methods: (a) the straight-line method (b) the sum-of-digits method (c) the declining-balance method (d) the units-of-production method using kilometres as the basis of use and assuming the following usage: Year Kilometres 2012 28 000 2013

9 Pages726 Words337 Views
   

Added on  2023-04-23

About This Document

Desklib is an online library for study material with solved assignments, essays, dissertation, etc. It provides solutions for various subjects and courses from different colleges and universities. This document contains solved questions related to accountancy, including straight-line method, journal entries, present value of minimum lease payments, and annual leave obligation.

Online Library for Study Material with Solved Assignments - Desklib

Please answer questions including all working process, please submit on the moodle, only word file will be accepted, keep similarity rate as low as possible, less than 20%. Use your SID and name to be the name of the file. Question 1 (8 marks) On 1 July 2011 Sprintfast Couriers, which has a year-end of 30 June, purchased a delivery truck for use in its courier operations at a cost of $65 000. At the end of the truck’s useful life it is expected to have a residual value of $5000. During its six-year useful life, Sprintfast Couriers Limited expected the truck to be driven 246 000 kilometres. Required Calculate the annual depreciation charge for each of the six years of the truck’s life using the following methods: (a) the straight-line method (b) the sum-of-digits method (c) the declining-balance method (d) the units-of-production method using kilometres as the basis of use and assuming the following usage: Year Kilometres 2012 28 000 2013

   Added on 2023-04-23

ShareRelated Documents
Running Head: ACCOUNTANCY 0
Accountancy
Online Library for Study Material with Solved Assignments - Desklib_1
ACCOUNTANCY 1
Contents
Question 1........................................................................................................................................2
Question 2........................................................................................................................................3
Question 3........................................................................................................................................4
Part A...........................................................................................................................................4
Part B............................................................................................................................................4
Part C............................................................................................................................................5
Part D...........................................................................................................................................6
Question 4........................................................................................................................................6
Part A...........................................................................................................................................6
Part B............................................................................................................................................7
Online Library for Study Material with Solved Assignments - Desklib_2
ACCOUNTANCY 2
Question 1
Straight Line Method
2012 2013 2014 2015 2016 2017
Cost of Truck 65000
Residual Value 5000
Depreciation 10000 10000 10000 10000 10000 10000
2012 2013 2014 2015 2016 2017
Sum of Digits method 0.286 0.238 0.190 0.143 0.095 0.048
Cost of truck 65000
n(n+1)/2 21
Depreciation 18571 15476 12381 9286 6190 3095
Declining
Method 2012 2013 2014 2015 2016 2017
Cost of truck 65000
60000.
0 41666.7
27777.
8
18518.
5
12345.
7 8230.5
Residual Value 5000
Depreciation
18333.
3 13888.9 9259.3 6172.8 4115.2 2743.5
Depreciation Rate 33%
2012 2013 2014 2015 2016 2017
Production
Method 246000 28000 34000 42000 55000 68000 19000
0.11 0.14 0.17 0.22 0.28 0.08
Cost of truck 65000
Residual Value 5000 60000 60000 60000 60000 60000 60000
Depreciation 6829.3 8292.7
10243.
9
13414.
6
16585.
4 4634.1
Online Library for Study Material with Solved Assignments - Desklib_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Accountancy: Solved Assignments, Essays, Dissertations | Desklib
|8
|760
|162

Q1 Calculation of Depreciation under following methods a).
|5
|497
|142

Depreciation Expense Calculation
|4
|747
|99

Accounting Theory and Current Issues
|10
|1562
|53

Question 1. In the books of Sunshine Limited. Journal E
|4
|384
|1

Corporate Accounting
|12
|915
|78