Question on calculation

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6 July 2018 Q

Does anyone know how to calculate this with explanations?


Monow Manufacturing provided the following information at 1 June 2017.

Machinery – Cost $18 100 – Accumulated depreciation $8 350

On 1 January 2018 a machine was sold for $3 000 cash. The machine was purchased on 1 September 2015 for $6 600 On 1 March 2018 a new machine costing $9 900 was purchased. Depreciation is charged for each month of ownership at 20% per annum on a straight line basis.

4a Calculate for the machine disposed of:
(i) the total amount of depreciation charged. - Model answer is $3080
(ii) the profit or loss on disposal - Model answer is $520
b Calculate the total depreciation charge on the machinery for the year ended 31 May 2018. Model answer is $3565
 
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How to calculate the above questions? Can anyone explain with workings?
 

kirby

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Your question should have been posted in the Exams and Studying Forum. That forum has this policy:
  • Please note that if you are looking for assistance with an exam-style question, you must attempt the question yourself before asking for help. You can then state the answer you have so far and explain which aspect you need help with. Anyone posting exam-style questions expecting the answer to be given to them will have their posts removed. Repeat offenders will be banned from the forum.
 

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