Maurice Tutor

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Category > Accounting Posted 15 Sep 2017 My Price 4.00

residual value

On 1 January Year 1, Company A purchased a bus costing £70,000. It was estimated to have a useful life of three years and a residual value of £4,000. It was sold for £8,000 on the last day of Year 3.

On 1 January Year 1, Company B purchased a bus also costing £70,000. It was estimated to have a useful life of three years and a residual value of £7,000. It was sold for £8,000 on the last day of Year 3.

Both companies have a net profit of £50,000 before depreciation. Calculate the depreciation charge and net profit of each company for each of the three years. Show that over the three years the total depreciation charge for each company is the same. (See Table 8.11 for an example.)

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Maurice Tutor
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Status NEW Posted 15 Sep 2017 09:09 AM My Price 4.00

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