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

Preferential debts-distribution of assets-liquidation, Preferential debts ...

Preferential debts These are almost the same as in bankruptcy; with the addition that any person who has advanced money for the payment of wages has the same priority as the pe

#Fair Value is like throwing gasoline on a fire, Ask question #what are the...

Ask question #what are the additional budens to the investor reuling from the mixed attribute model?

Essay, Can you help me with that?

Can you help me with that?

Prior period adjustments, Q. Prior period adjustments a. may only increase ...

Q. Prior period adjustments a. may only increase retained earnings. b. may only decrease retained earnings. c. may either increase or decrease retained earnings. d. do not affect r

What do you understand by exempt organization, Q. What do you understand by...

Q. What do you understand by Exempt Organization? Exempt Organization - Organization that is normally exempt from paying federal income tax. Exempt organizations comprise relig

The trustee in bankruptcy, THE TRUSTEE IN BANKRUPTCY 1) Appointment o...

THE TRUSTEE IN BANKRUPTCY 1) Appointment of trustee The trustee is appointed: By the creditors by ordinary resolution, or By the committee of inspection, if so

Demostrate a labour-leisure trade-off model, Much of the supply-side, fisca...

Much of the supply-side, fiscally conservative economic policies of Margaret Thatcher, Ronald Reagan, and even Mike Harris in Ontario were predicated on the belief that high income

Calculate and graph the average annual returns , This is an individual asse...

This is an individual assessment contributing 50% of your marks for the module. The assignment is intended to help you develop skills of implementing financial models in Excel. The

OPERATING CYCLE, APPLICABILITY OF THE OPERATING CYCLE IN VEGETABLE GROWING ...

APPLICABILITY OF THE OPERATING CYCLE IN VEGETABLE GROWING BUSINESS

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