Question 10 -- / 5 Fresh Ltd bought a new delivery van in October 2012...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Question 10 -- / 5 Fresh Ltd bought a new delivery van in October 2012 for 30,000. The van was estimated to have a scrap value of 1,000. Fresh apply 25% reducing balance depreciation for Motor Vehicles with a full years charge in the year of acquisition and none in the year of disposal. During the year ended 31 December 2018 the van was sold for 6,000. What is the profit or loss on disposal that should be shown in the financial statements year ended 31 December 2018? 1 Loss on disposal 661 2 Profit on disposal.661 3 Loss on disposal 1,996 4 Profit on disposal 1,996
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
