Free Chapter 10-12 Practice Questions

[omcgil15]

Hey everyone,

Attached to post are a question and answer book for 44 marks worth of practice for chapters 10-12. If you wanted to do it under timed conditions, I would suggest minimum one hour and maximum 75 minutes to complete the whole task.

My aim is to release a new set of questions per week. I'll release answers to this question set later in the week. Good luck!

Oliver

As a side note, the questions I create are designed to be hard in terms of asking questions that you would find in the more challenging parts of your SACs or the final exam (especially the practical components).

EDIT***** Answers now attached - please post below if you would like any solutions explained

[stargirl13]

Hi, and thank you so much for these! I have a quick question regarding the reducing balance depreciation methods - its from Exercise 15.6. It says as at 30 June 2015, Shop Fittings have a historical cost of 40,000, accumulated dep of 13104, and therefore carrying value of 26896. It is depreciated at 18% per annum. Given it was purchased on 1 July, calculate the year it was purchased. I am totally stuck on how to work this out and would greatly appreciate a hand!

[stargirl13]

thanks for the reply

hmmm I'm not sure, it's for part f, which is talking about the shop fittings, and I'm assuming you have to work backwards to figure out the year they were purchased ? Its probs a mathem method but I have no clue

Anywayyys, for the questions you've so generously posted, I legit got most of the BDA from Q1 wrong!!

Why is dep for shop fittings 3000 if (14000-2000)/5 and then divide by 4 for the quarter, gives $600?

Also for the equipment, what I did was 16500-4500 = 12000 (old ones) - dep for old ones would be 12000 x 0.2 / 4 = 600
PLUS 2 months dep for new fittings of $4500 = 150
600+150=$750, where did the $3000 from the answers come from?

Tysm!

[stargirl13]

thank you so much! Yes they are, from Question 1 you've posted

[stargirl13]

Hi again, just wondering if you were able to clarify my question above please? Thanks

[stargirl13]

aahh no worries, my bad!! Sorry to put you on the spot haha

[omcgil15]

Turns out I was looking at the wrong figures when I prepared the solutions for some of these questions
Equipment:
Old Equip - $12,000 and held for 3 months (12000 x 0.2 = 2400/4 = 600 per quarter)
New Equip - $4,500 and held for 2 months (4,500 x 0.2 = 150 per quarter)
Total Depr expense = $750

Shop Fittings
(14000-2000) / 5 = 2400/12 = 200 x 3 = $600 per quarter

Let me know if any of the other solutions don't make sense but hopefully the rest of the solutions were prepared correctly (almost certain they are)