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    

Estate

South Grove

SG26 4PZ

 

Computer Shop plc

12 Sanger Lane

South Grove

SG20 7NX

 

Date:

15 Dec 2011

PACER 6012 Computer

 

Serial number 98761MIT

1

1,100.00

Delivery

 

 

1

25.00

Warranty for 2 years

 

 

1

130.00

Insurance for one year

 

 

   1

85.00

VAT @ 20%

 

 

 

225.00

Total

 

 

 

1,565.00

Settlement terms: strictly 30 days net

The following information relates to the sale of a vehicle:

 

Registration number

CD11 FTH

Date of sale

10 August 2011

Selling price excluding VAT

£4550.00

  • 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







Related Discussions:- Non-current assets for a business, Assignment Help, Ask Question on Non-current assets for a business, Get Answer, Expert's Help, Non-current assets for a business Discussions

Write discussion on Non-current assets for a business
Your posts are moderated
Related Questions
Payback Period and Net Present Value XYZ Software, Inc., has the following mutually exclusive projects. Year Project A Project B

Which of the following is NOT an example of an agency cost? A. Paying an accounting firm to audit your financial statements. B. Paying an insurance company to assure that b

Tony and Suzie are ready to expand Great Adventures even further in 2019. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and


Illustration-statement of Changes in Net Assets-pension fund (a) What meetings of creditors must be held and for what purpose in the course of a creditors’ voluntary winding up

Q1. what are the roles and objective of FASB and IASB? Q2.what are the main reason for the joint project undertaken by the FASB and IASB? Q3.state some critics by individual and th

1.  How can a flexible budget help managers control costs? A flexible budget can help managers control costs by showing favorable and unfavorable variances within the planning o

1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause. A) the net income for the period to be un

Scottsdale Fine Piano%u2019s purchases pianos from a well-known manufacturer and sells them through their retail store. The Baby Grand Pianos sell, on average, for $2,500 each. The

Q. Show the Capitalized Cost? Capitalized Cost - Expenditure identified with services or goods acquired and measured by theamount of cash paid or market value of other property