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Solution
| Composite rate of Depreciation = | 12.07% |
.
| Composite rate of Depreciation = | Total Depreciation per year/Total Original Cost |
| (15820/131100) | |
| 12.07% |
Depreciation entry
| Depreciation Expense-Plant Asset | $ 15,820.00 | |
| Accumulated Depreciation-Plant Asset | $ 15,820.00 | |
| (Depreciation charged @12.07% on composite Assets) |
.Entry for sale
| Cash | $ 4,700.00 | |
| Accumulated Depreciation-Plant Assets | $ 13,700.00 | |
| D Asset | $ 18,400.00 | |
| (Sale of asset D and diffrence booked as Accumulated Depreciation) |
Working
| Note | |||||
| In case of sale of asset which is depreciated under composite method, no Profit or loss is booked and the diffrence is booked as Accumulated depreciation. |
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C
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D
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7
E
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6
Your answer is incorrect. Try again.
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enter the composite rate in percentages rounded...
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