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X Co constructed a new factory for itself. The costs incurred on the construction project were as follows: £’000 Architect’s fees (including £75,000 for an initial design that was rejected and discard...
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A company maintains its non-current assets at cost. A separate accumulated depreciation account is used for each type of asset. Machinery is to be depreciated at the rate of 15% per annum, and fixture...
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Distance Limited owned three lorries at 1 April 2019: Lorry A: purchased on 21 May 2015 for £31,200 Lorry B: purchased on 20 June 2017 for £19,600 Lorry C: purchased on 1 January 2019 for £48,800 Depr...
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On 31 March 2019, Dixie’s business traded-in a machine (a Z-15 model) which it had originally purchased on 1 April 2016 for £19,000. Dixie had depreciated the Z-15 at 10 per cent per annum using the s...
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Enter the following transactions in T-accounts: May 1 Started in business with £18,000 in the bank. 2 Bought goods on time from B. Hind £1,455. 3 Bought goods on time from G. Smart £472. 5 Sold goods...
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A company maintains its non-current assets at cost. Separate accumulated depreciation accounts are kept for each class of asset. At 31 December 2018 the position was as follows: The following transac...
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