Non-current assets for a business, Financial Accounting

Assignment Help:

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


Related Discussions:- Non-current assets for a business

Presentations of financial statements, Presentations of Financial Statement...

Presentations of Financial Statements The objective is to give guidance regarding the preparation of published financial statements and prescribe the content of the published fin

Debtors property at commencement of bankruptcy, DEBTOR'S PROPERTY AT COMMEN...

DEBTOR'S PROPERTY AT COMMENCEMENT OF BANKRUPTCY 1) Doctrine of "relation back" : The trustee's title to the debtor's property is deemed to relate back to the commencement o

The common stock of warner inc, The common stock of Warner Inc. is currentl...

The common stock of Warner Inc. is currently selling at $114 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share

Characteristics of a will-executorship laws and accounts, Characteristics o...

Characteristics of a will 1) Dispositionary:  A will disposes the deceased’s property. 2) Formality:   For a will to be valid, it  must be written and signed by the d

605, I am working on the comprehensive probelm and I can not figure out the...

I am working on the comprehensive probelm and I can not figure out the trial balance. Where am I going wrong?

Evaluating the investment using return on capital employed, Evaluating the ...

Evaluating the investment using return on capital employed: Annual depreciation charge = 1500000/5 = $300000 Average investment = 1500000/2 = $750000 Average annual

What is the approximate tax rate, 1. From your review of note 3.7, how does...

1. From your review of note 3.7, how does the company determine whether a sale has occurred? 2. Using the consolidated income statement and consolidated statement of financial p

Internal and external analysis on accounting, Write at least 7 full pages t...

Write at least 7 full pages that analyzes the internal and external environments for your organization. This paper must be in essay form. [If you have formatting questions, refer t

Prepare the additional journal entry, In the current year, Madison Corporat...

In the current year, Madison Corporation had $50,000 of taxable income at a tax rate of 25%. During the year, Madison began offering warranties on its products and has a warranty l

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd