
Chapter 10 Revision
Authored by Thai Nguyen
English
1st - 5th Grade
Used 1+ times

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5 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 20 pts
Marcellus acquired new premises at a cost of £250,000 on 1 January 20X1. Marcellus paid the following further costs during the year ended 31 December 20X1.
£
Costs of initial adaptation 13,900
Legal costs relating to purchase 1,200
Monthly cleaning contract 9,600
Office furniture 6,500
What amount should appear as the cost of premises in the company's statement of financial position at 31 December 20X1:
£250,000
£263,900
£265,100
£271,600
2.
MULTIPLE CHOICE QUESTION
5 mins • 20 pts
ABC, whose reporting period is the 12 months ended 31 December, has charged depreciation monthly at the rate of 10% per annum on cost on an item of plant bought on 1 September 20X0 costing £15,000. The depreciation method was changed from straight line to 10% reducing balance at the end of 20X3. The depreciation charge on this asset for 20X5 was:
£1,500
£945
£900
£889
3.
MULTIPLE CHOICE QUESTION
5 mins • 20 pts
A business with a reporting period of the 12 months ended 30 June buys a non-current asset on 1 July 20X3 for £200,000. Depreciation is charged at 15% per annum on the reducing balance basis. On 30 June 20X5 the asset was sold for £54,800. What was the loss on sale of the asset?
£89,700
£85,200
£68,025
£55,200
4.
MULTIPLE CHOICE QUESTION
5 mins • 20 pts
Exe plc, which has a year end of 31 December, purchased a machine on 1 January 20X1 for £35,000. It was depreciated at 40% per annum on the reducing balance basis. On 1 January 20X4 Exe plc part-exchanged this machine for a more advanced model. It paid £30,000 and realised a profit on disposal of £2,440.
Requirement: The price of the new machine was:
£10,000
£34,680
£35,120
£40,000
5.
MULTIPLE CHOICE QUESTION
5 mins • 20 pts
On 1 June 20X1 Quandry bought a non-current asset for £50,000 which had an estimated useful life of 10 years and a residual value of £2,000. Quandry depreciates its non-current assets on a straight line basis. Quandry's reporting period is the 12 months ended 31 December. On 1 January 20X4 the asset's remaining useful life is revised to eight years from that date with no residual value. An impairment review at that date shows that the recoverable amount of the asset is considered to be only £25,000. What is the total depreciation and impairment loss charge for this asset in 20X4?
£3,125
£12,400
£15,725
£18,000
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