A business sells an asset on 1 January for 8,000. The asset was bought exactly three years

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A business sells an asset on 1 January for £8,000. The asset was bought exactly three years previously for £24,000 and depreciation was charged at 30% p.a. on the diminishing balance method. What is the profit or loss on disposal?

a. £5,600 profit

b. £232 profit

c. £23210ss

d. £16,000 loss

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Introduction To Accounting And Finance

ISBN: 9780273711629

2nd Edition

Authors: Geoff Black

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Question Posted: May 31, 2024 03:09 AM

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A business sells an asset on 1 January for 8,000. The asset was bought exactly three years

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Introduction To Accounting And Finance

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