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

What kinds of risks does a firm, like Amazon.com face with respect to safeg...

like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks?

Illustration of bankruptcy, Illustration of Bankruptcy Njuguna Mwandawi...

Illustration of Bankruptcy Njuguna Mwandawiro, carrying on a business as a trader in Likoni, Mombasa, finds himself insolvent, and on 15 August 1997 files his petition in bankr

Financial decision making, how do i write an assignment about financial dec...

how do i write an assignment about financial decision making

Different powers of investment-trust laws and accounts , Powers of investme...

Powers of investment 1. Shares and debentures: A trustee may: Invest in bearer securities if these would otherwise be authorised; Acquiesce in an amalgamation

Write a brief memo, Middlehurst House is a daycare center/preschool which o...

Middlehurst House is a daycare center/preschool which operates as a partnership of George Friedman and Bill Compton. The center is in a city that has a large base of twoincome fami

What is the cash flow from assets for 2010, The following question are base...

The following question are based on above table:- Question 1 What is the change in net working capital from 2009 to 2010? Question 2 What is net capital spending for 20

Market segmentation analysis, Task This task is designed to further dev...

Task This task is designed to further develop your critical analysis and research skills related to the tourism or hospitality enterprise you selected for Assignment 1. You are

Illustration of admission of a new partner, Illustration of Admission of a ...

Illustration of Admission of a new partner XYZ have been trading as equal partners having capital contributions of £300,000, £250,000 and £200,000 respectively. They agreed

The income statement-financial statement, THE INCOME STATEMENT It shows t...

THE INCOME STATEMENT It shows the financial performance of the company during the given financial period. It discloses the income and expenses and thus the net profit for the per

Construct the market value balance sheet, Construct the Market Value Balanc...

Construct the Market Value Balance Sheet XYZ, Inc., another company founded by Larry Davidson in 2005, is currently entirely equity financed. That means the company carries no

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages