Question

P Assets purchased on 1 April 2001 foro no
60,000 Rate of dep, is 10%. p. a under
sixed instalement method Assets Sold
On 31 Jelly 2004 for f 32000. Calculated
dep. and profits es less on cassets
Sold Accounting o geam
D 31 mar​

Answer 1

Answer:

1 .4 .2001. 60000

(-) depreciation

in 31.3.2002. 6000

value on 1.4.2002. 54000

(-) depreciation

on 31.3 2003. 6000

value on 1.4.2003. 48000

(-) depreciation

on 31.3.2004. 6000

balance on.4.2004 42000

(-) depreciation

from 1.4.2004

to 31.7.2004.

60000×10%×4/12. 2000

book value on

31.7.2004. 40000

selling price. 32000

loss on sale. 8000

(40000-32000)