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

The paper Contemporary Issues in International Accounting, Requirements: P...

Requirements: Part I Access the IFRS and the Generally Accepted Accounting Principles (GAAP) of your country. a. Note ten differences between the two sets of GAAP. Part II Ac

Defffered taxation, what is deffered taxation

what is deffered taxation

Prepare journal entries - bussiness accounting, Question 1 Describe a...

Question 1 Describe and differentiate the four (4) different Financial Statements. HINT : use examples of actual companies or transactions to illustrate your answer. Give

Finacial management, There are two projects A and B. The initial capital ou...

There are two projects A and B. The initial capital outlay of A and B are Rs.1,35,000 and Rs.2,40,000 respectively. There will be no scrap value at the end of the life of both the

Assessment, Write down what processes and data you would analyse when looki...

Write down what processes and data you would analyse when looking at the following scenarios and write down any improvements you could include to ensure that the problem would be l

Accounting concepts, What is implication of applying accounting concepts wr...

What is implication of applying accounting concepts wrongly.

T-accounts, HELP!!

HELP!!

What is exposure draft, Q. What is Exposure Draft? Exposure Draft - Doc...

Q. What is Exposure Draft? Exposure Draft - Document issued by AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA), FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), GOVERNME

Importance of recognition revenue, mportance of recognition revenue..

mportance of recognition revenue..

What accounting issues are involved in this case, Silva and Juanita Rodriqu...

Silva and Juanita Rodriquez are the owners of Year-Round Landscape, Inc., a small landscape and yard service business in southern California. The business is three years old and ha

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages