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Help with this part of Financial Accounting?
the trial balance as at 31 july 2007 has
buildings at cost £320
accumulated depreciation £108.08
motor vehicles £312
accumulated depreciation £56
equipment at cost £60
accumulated depreciation 36
the additional information says
depreciate buildings by 2% of cost, motor vehicles by 20% of cost and equipment by 10% cost
Too many depreciation figures which one do i include in the income statement and the balnce sheet
1 Answer
- Don GLv 710 years agoFavorite Answer
Your trial balance shows only Balance Sheet accounts. Depreciation Expense will be -
Bldgs, at 2% of 320
Vehicles, at 20% of 312
Equipment, at 10% of 60
For each asset, DR Depreciation Expense and CR Accum Depreciation
