Show the effects of the on the financial statements

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Reference no: EM132831316

Atlas question on Non Current Assets specifically Plant & Equipment

Plant & equipment at cost (note ii) - $94500

Accumulated depreciation at 1/04/2012

Plant & equipment - $24500

Note

(i) Non-current assets: on 1 October 2012, Atlas terminated the production of one of its product lines. From this date, the plant used to manufacture the product has been actively marketed at an advertised price of $4.2 million which is considered realistic. It is included in the trial balance at a cost of $9 million with Accumulated depreciation (at 1 April 2012) of $5 million

Required

Problem 1: Show the effects of the above on the financial statements ended 31 March 2013.

Reference no: EM132831316

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