2103AFE - Tally Ltd and Cooktown Ltd Case - Statement of Financial Statement - Depreciation - Company Accounting Assessment Answer

Assessment Task:

2103AFE Company Accounting Assessment Answer

Question

On 1 July 2016, Tally Ltd and Cooktown Ltd signed a contractual agreement to form a joint operation for the manufacture of kitchen products. The agreement provided that Cooktown Ltd would contribute $240 000 in cash while Tally Ltd would provide $40 000 in cash and manufacturing equipment currently held by Tally Ltd that had a fair value of $200 000. The equipment was currently recorded by Tally Ltd at a carrying amount of $180 000, net of accumulated depreciation of $30 000.

The agreement provided that each operator would receive half of the output of the joint operation. Depreciation on equipment is charged at 20% p.a. on cost, based on the expected pattern of use in the joint operation.

The financial information provided by the joint operation at 30 June 2017 was as follows.

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