A Joint Operation Holds Equipment with a Carrying Amount of £1

question 4

Short Answer

A joint operation holds Equipment with a carrying amount of £1 200 000. The two joint operators participating in this arrangement share control equally. They also depreciate Equipment using the straight-line method. The Equipment has a useful life of 5 years. At reporting date each joint operator must recognise the following entry, in relation to depreciation, in its records:
a. $\quad$ DR $\quad$ Depreciation $\quad$$\quad £ 240000$ ;
b. $\quad$ DR $\quad$ Depreciation $\quad$$\quad$$£ 120000$ ;
c. $\quad$ DR $\quad$ Investment in joint operation $\quad$$£ 240000$ ;
d. $\quad$ DR $\quad$ Assets in joint operation $\quad$$\quad £ 120000$ .

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Definitions:

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