A business sells an asset on 1 January for 12,000. The asset was bought exactly two years
Question:
A business sells an asset on 1 January for £12,000. The asset was bought exactly two years previously for £24,000 and depreciation was charged over five years on the straight line method, assuming no residual value. What is the profit or loss on disposal?
a. £7,200 loss
b. £2,400 loss
c. £12,000 loss
d. £12,000 profit
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: