In the year ending 31 August 2013 no purchases or sales of non-current assets were made. Vincenzo depreciates non-current assets as follows:
Buildings: at 2% per annum on cost on the straight-line basis.
Motor vehicles: at 25% per annum on the reducing balance basis.
Fixtures and fittings (which were all purchased at the same time): over 10 years on the straight-line basis.
a) Calculate the total charge to Vincenzo’s income statement in respect of depreciation for the year ending 31 August 2013.
b) Show how non-current assets will be presented in Vincenzo’s statement of financial position at 31 August 2013.
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here