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i want the answer please Question 1 (1 point) A non-current asset was purchased at the beginning of Year 1 for 2,400 and depreciated by
i want the answer please
Question 1 (1 point) A non-current asset was purchased at the beginning of Year 1 for 2,400 and depreciated by 20% per annum using the reducing balance method. At the beginning of Year 4 it was sold for 1,200. What was the profit or loss on disposal? A loss on disposal of 240,00 A loss on disposal of 28.80 A profit on disposal of 28.80 A profit on disposal of 240,00 Question 2 (1 point) A business' non-current assets had a carrying value of 125,000. An asset which had cost 12.000 was sold for 9,000, at a profit of 2,000. What was the revised carrying amount of non-current assets? A Question 3 (1 point) A non-current asset was disposed of for 2,200 during the last accounting year. It had been purchased exactly 3 years earlier for 5,000, with an expected residual value of 500, and had been depreciated on the reducing balance basis, at 20% per annum. What is loss on disposal? A/ Question 4 (1 point) Which 2 of the following items should NOT be accounted for as capital expenditure (items bought as assets for the business)? The purchase of a car for a member of the sales department to visit clients The purchase of a car for resale by a car dealer a Legal fees incurred on the purchase of a building The cost of painting a building. Question 5 (1 point) A car was purchased for 12,000 on 1 April 20X1 and has been depreciated at 20% each year straight line, assuming no residual value. The accounting policy of the business is to charge a full year's depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August 20X4 for an agreed figure of 5,000. What was the profit on the disposal of the vehicle for the year ended 31 December 20X4? A/ Question 6 (1 point) Smart purchased an item of plant at a cost of 100,000 on 1 January 20X2. It was expected to last for 10 years and have a scrap value of 10,000. The business depreciates non-current assets at 20% on the reducing balance basis. The item of plant was sold on 1 April 20X4 for sale proceeds of 70,000. It is Smart's policy to charge a full year of depreciation in the year of purchase and none in the year of disposal. Smart has an accounting year end of 31 December. What was the profit on disposal on this asset? A/ Question 7 (1 point) Martin purchase an item of plant at a cost of 100,000 in 1 January 20X2. It was expected to last for 6 years and had an estimated scrap value of 10,000 at the end of that time. The business depreciates non-current assets on a straight-line basis, with a proportionate charge in the year of purchase and disposal. Martin has a accounting year end of 31 Decertber. The item of plant subsequently was sold on 1 April 20X4 for sale proceeds of 60,000. What was the loss on disposal on this asset? A/ Step by Step Solution
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