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

Related Discussions:- Non-current assets for a business

Practice Test, I need help with a practice test so I can study well for my ...

I need help with a practice test so I can study well for my midterm soon this week.

Interest expense, April 2014 Notepayable $9,825,000 was issued. First due i...

April 2014 Notepayable $9,825,000 was issued. First due is April 1,2015. 6% interest erroneously expensed a full year''s interest

Subsidiary companies-group accounts , SUBSIDIARY COMPANIES (1AS 27) A sub...

SUBSIDIARY COMPANIES (1AS 27) A subsidiary company is a company in which the investing company (also called holding or parent company) controls the financial and operating polici

Prepare the journal entry at december 31, On December 31, 2004, Internation...

On December 31, 2004, International Refining Company purchased machinery having a cash selling price of $85,933.75. The company paid $10,000 down and agreed to finance the remainde

Assets, all types of assets

all types of assets

Estimate present value, Calculating Present Value [LO1] An investment will...

Calculating Present Value [LO1] An investment will pay you $43,000 in 10 years. If the appropriate discount rate is 7 percent compounded daily, what is the present value?

Determine the contribution margin, You were recently hired by E&T Boats, In...

You were recently hired by E&T Boats, Inc. to assist the company with its financial planning and to evaluate the company's performance. E&T Boats, Inc. builds and sells boats to o

Technique of managerial control through budgets, Budgetary Control is a tec...

Budgetary Control is a technique of managerial control through budgets. Elaborate.

Disposal of business segment, NSC Ltd has a 31 may fiscal year end

NSC Ltd has a 31 may fiscal year end

What amount did spear receive from the bond issuance?, On July 1, 2010, Spe...

On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages