Depreciation Finance Assignment Help With Solution

Exercise 1

Part A – Diminishing Value Depreciation

John Pyke runs a footwear manufacturing business which commenced operations on 1 April 2011. The assets below were purchased during the year and are second hand except where stated as new.

All assets are used 100% in the business and all figures are GST exclusive.

Asset
Purchase Date
Amount
Depreciation Rate
Office Furniture
01.04.2011
$30,000
16%
Footwear Machinery
01.05.2011
$50,000
13%
Computer (new)
30.06.2011
$10,000
60%
Cutting Machine
30.09.2011
$15,000
13%

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Required:

a. Calculate the depreciation claimable for the year ended 31 March 2012 using the DV method.

b. Calculate the depreciation claimable for the year ended 31 March 2013 using the DV method.

Part B – Depreciation Apportionment

A medical practitioner purchased a new BMW motor car for $100,000 (GST exclusive) on 1 January 2011. The car is used for transporting less than 12 people, and is used 25% for business.

Required:

a. Calculate the depreciation (DV) that can be claimed for the years ended 31 March 2011 and 2012. Use a depreciation rate of 25.2%.

Exercise 2

Oscar purchased a new commercial oven for use in his restaurant business on 24 November 2010 at a cost of $4,500 including GST. He is registered for GST and has a standard balance date.

Required:

a. Calculate the depreciation deductions that Oscar will be able to claim for the 2011 and 2012 income years, using the DV method and the SL method. Assume that the DV depreciation rate for an oven is 12.0%. The equivalent SL rate is 8.4%.

b. Calculate the depreciation recovered/loss on sale assuming Oscar sold the oven for $3,500 (excl. GST) on 4 July 2011 (2012 income year).

Use the DV method and also the SL method.

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