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







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