Non-current assets for a business, Financial Accounting

WyseFinance maintains a non-current asset register for recording information for non-current assets for a business. The business is registered for VAT.

The following is a purchase invoice received by WyseFinance:

To: WyseFinance

Unit 10, Southend End Trading    


South Grove

SG26 4PZ


Computer Shop plc

12 Sanger Lane

South Grove

SG20 7NX



15 Dec 2011

PACER 6012 Computer


Serial number 98761MIT








Warranty for 2 years





Insurance for one year





VAT @ 20%










Settlement terms: strictly 30 days net

The following information relates to the sale of a vehicle:


Registration number


Date of sale

10 August 2011

Selling price excluding VAT


  • WyseFinance has a policy of capitalising expenditure over £575.
  • Vehicles are depreciated at 25% on a reducing balance basis.
  • Computer equipment is depreciated at 33.33% on a straight-line basis with no residual value.
  • Non-current assets are depreciated in the year of acquisition but not in the year of disposal.


Record the following information in the non-current assets register below:

(a) Any acquisitions of non-current assets during the year ended 31 December 2011

(b) Any disposals of non-current assets during the year ended 31 December 2011

(c)  Depreciation for the year ended 31 December 2011

Posted Date: 2/16/2013 2:53:06 AM | Location : United States

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