Gibbon Plc had the following fixed assets as at 31 December 2015:
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gibbon plc had the following fixed assets as at 31 december 2015 611341
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Provision for depreciation to date |
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£ |
£ |
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Freehold land |
300,000 |
n/a |
|
Buildings |
250,000 |
50,000 |
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Plant and machinery |
120,000 |
40,000 |
The depreciation policy of the firm is to provide for depreciation as follows:
•buildings: 10% per year straight line;
•plant and machinery: 20% per year straight line.
No depreciation is to be provided for freehold land. All depreciation is based on the values of assets held at the end of the financial year. During the year to 31 December 2016, the following events occurred:
1Land was revalued to £500,000.
2New buildings were purchased at a cost of £200,000.
3Plant and machinery which had cost £40,000 were sold for £30,000, which generated a profit on disposal of £10,000.
4Plant and machinery was purchased for £60,000.
The schedule of non-current assets at 31 December 2016 for inclusion in the notes to the accounts for the year end would be.
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