Below is an extract from the accounts for the year ended 30 September 2020 for Mr BankoTango, a sole trader who has been in business for the past ten years.
£Bank Balance 15,200
Capital 135,000
Credit Sales 600,000
Drawings 31,500
Electricity and Gas 8,300
Plant and Machinery at Cost 152,250
Loan due for Repayment 21.10.2025 202,000
Loan Interest paid 16,000
Motor Vehicles at Cost 42,000
Motor Vehicles Expenses 12,400
Opening Inventory 31,500Purchases 256,100
Additional information:The Motor Vehicles and Plant and Machinery need to be depreciated.
i. Motor Vehicles will be depreciated at 25% reducing balance.
ii. Plant and Machinery will be depreciated over eight years.
1. Calculate the annual depreciation that should be charged to the Statement of Profit or Loss(Income Statement) for Mr Banko Tango for the year ended 30 September 2020.
2. What are the carrying amounts of the non-current assets that will be shown in theStatement of Financial Position at 30 September 2020?
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