Marina operates in the transport industry and owns several vehicles, acquired for a total cost of 540,000
Question:
Marina operates in the transport industry and owns several vehicles, acquired for a total cost of £540,000 and reported at £296,400 in her Statement of financial position on 31 December 2010.
On 30 June 2011 she sold for £26,200 a vehicle acquired for £60,000 on 1 July 2009.
On 1 September 2011 she acquired another vehicle for £90,000.
On 1 October 2011 she scrapped a vehicle acquired for £40,000 on 1 January 2008.
She depreciates her vehicles at 40% per annum using the reducing balance method.
How will these transactions be reported in her financial statements for the year ended 31 December 2011?
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To report the transactions in Marinas financial statements for the year ended 31 December 2011 we ne...View the full answer
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Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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