59.CASH is KING ltd, a limited liability company, has non-current assets with a carry value of 300,000 on 1st December 2019. This company is preparing financial statements for the year ended 31 December 2020. Relevant extracts from the accounts are as follows. Statement of comprehensive income

Depreciation 40,000

Profit on sale of non-current assets 120,000

Statement of financial position 2020- 2019

Plant and machinery - Cost 520,000 500,000

Plant and machinery - depreciation 285,000 250,000

Plant and machinery additions during the year were 40,000. What is the cash flow arising from the sale of non-current assets? Required: What is the cash flow arising from the sale of non-current assets?Required to answer. Single choice.

(3 Points)

285,000

(135,000)

120,000

140,000

135,000

(120,000 )

72.The SA. Sports does not keep double entry record and you have been appointed as accountant for the business and following information is available for the year ended 31 December 2020 . Net assets at 1 January 2020 60,000 Drawings during 2020 10,000 Capital introduced during 2020 80,000 Net assets at 31 December 2020 210,000 Required: Calculate the profit for 2020, based on this information.Required to answer. Single choice.

(2 Points)

140,000

80,000

None of the above

70,000