A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st...

A elearning.act.edu.om<br>Muscat LLC purchased a machine on 1st<br>January, 2019 for OMR 250,000. The rate of<br>depreciation is 20% p.a. under straight line<br>method. Replacement Cost of the machine on<br>31st December,2019 was OMR 350,000 and on<br>31st December, 2020 was OMR 500,000. The<br>company wishes to follow Current Cost<br>Accounting rather than the Historical Cost<br>Accounting.<br>a.<br>What is the amount of Depreciation<br>Adjustment?<br>b.<br>What is the amount of Additional<br>Depreciation?<br>C.<br>What is the amount of Back Log<br>Depreciation?<br>

Extracted text: A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?

Jun 10, 2022

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A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st...

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