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

What is its future value, An investment will pay $200 at the end of every o...

An investment will pay $200 at the end of every of the next 3 years, $400 at the end of Year 4, $600 at the end of Year 5, and $800 at the end of Year 6. If other investments of eq

What is cs optimal decision, Copper Suppliers, Inc. (CS), is a distributor ...

Copper Suppliers, Inc. (CS), is a distributor of commercial grade copper. CS purchases copper directly from copper mines and then after refining it, sells the refined copper to in

Determine the optimum combination of milk and biscuits, 1. Jim buys only mi...

1. Jim buys only milk and biscuits.    (a) In 2004, Jim earns $100, milk costs $2, biscuits cost $4 per dozen. Draw Jim's budget constraint  (b) Now suppose that all prices i

Determine the total production requirement for the month, A Company policy ...

A Company policy calls for keeping safety-stock equal to 25% the forecasted demand for that month.  The company currently has a work force of 12 people.  It takes a worker 3 hours

Explain the favorable variance, Question: The manager of Ben and Jerry's Ic...

Question: The manager of Ben and Jerry's Ice Cream is told that the direct material quantity variance for cherries in Cherries Garcia Ice cream is favorable. What could explain thi

Calculate weighted average shares, Long-term Debt   ...

Long-term Debt   10% notes payable $1,000,000 7% convertible bonds payable 5,000,000    Discount

Determine the basis of the ultimate cost of the payment, Given information:...

Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank's swap trading desk

Acquisition Project , Do you have anyone on staff that understands acquisit...

Do you have anyone on staff that understands acquisition accounting procedures?

Secret trusts-trusts laws and accounts, SECRET TRUSTS The initial basis o...

SECRET TRUSTS The initial basis of the doctrine of secret trusts was the refusal of equity to permit a statute to be used as an engine of fraud (e.g. Bannister v Bannister).  Cer

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