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

Shareholders equity, is it true that deficit is an asset?

is it true that deficit is an asset?

Statement of retained earnings, Statement of Retained Earnings Landon Corpo...

Statement of Retained Earnings Landon Corporation was organized on January 2, 2010, with the investment of $100,000 by each of its two stockholders. Net income for its first year o

On January 7, On January 7, 2016, Captec Company purchased $4,175 of suppli...

On January 7, 2016, Captec Company purchased $4,175 of supplies on account . In Captec Company’s chart of accounts , the Supplies account is No. 15, and the Accounts Payable accoun

Consolidation, what is consolidation and its features?

what is consolidation and its features?

Which of the following is not a measurement issue in a/c, Which of the foll...

Which of the following is not a measurement issue in accouting a. when to record a business transaction b. how to classify the items of a businesss transaction c. when to classify

CONSOLIDATED BALANCE SHEET, PLEASE, HOW DO WE TREAT PER-ACQUISITION LOSS

PLEASE, HOW DO WE TREAT PER-ACQUISITION LOSS

Theoretical value of shareholding, Q. Theoretical value of shareholding? ...

Q. Theoretical value of shareholding? (i) Theoretical value of shareholding Theoretical ex-rights value = ((No. shares in issue×Market value) + (No. rights shares× righ

Introduction to pension funds, Introduction to Pension funds Pension fu...

Introduction to Pension funds Pension funds are normally set up to provide pension benefits to employees who have retired. The pension funds receive contributions mainly from e

Identify the depreciation methods, Identify the Depreciation Methods O...

Identify the Depreciation Methods On January 3, 2005, XYZ Distribution Co. paid $224,000 for a computer system. In addition to the basic purchase price, the company paid a set

Present value of a perpetuity, PVA ∞ = A(1 + k) -1 + A(1 + k) -2 +..... ...

PVA ∞ = A(1 + k) -1 + A(1 + k) -2 +..... + A(1 + k ) ∞ + 1 + A (1 + k) ∞ Multiplying both the sides of Eq (a7) by (1+k) provides: PVA ∞ = (1 +k) = A(1 +k) +A (1 +k)

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages