The following information is available at 30 September 20*7: Vehicles account 120,000. Provision for depreciation
Question:
The following information is available at 30 September 20*7:
■ Vehicles account £120,000.
■ Provision for depreciation of vehicles account £73,000.
■ In July 20*8 a machine that had cost £21,000 was sold for £800.
■ The aggregate depreciation relating to the vehicle amounted to £19,000.
■ Depreciation is charged at 25% per annum on cost.
Required
a) Prepare a disposal of vehicles account to record the sale of the vehicle.
b) Prepare a balance sheet extract showing the entry for vehicles at 30 September 20*8.
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a Disposal of Vehicles Account Date Description Debit Credit Jul 208 Accumulated Depreciation 19000 ...View the full answer
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