Jess_1324
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#1
Report Thread starter 8 years ago
#1
I'm doing a question on schedule of non current assets from the June 2013 paper and need help working out the original cost of a vehicle

The point says "a motor vehicle with a net book value of £18450 was sold during the year for £15000. It was originally purchased on 1 may 2010"

My year is for 30 April 2013

Depreciation is charged in the year of purchase but not in the year of disposal.

Depreciated using reducing balance at 25% per annum

Info about motor vehicles last year was:
cost: 112500
Depreciation: 49200
NBV: 63300

If anyone has the mark scheme that would be great
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TSR Learn Together
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#2
Report 8 years ago
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Hi there,

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accountingrebel
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#3
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#3
£ £
Cost 112,500 Depreciation 49,200
Addition 24,950 Charge 17,450 (63,300 + 24,950 - 18450 x 25%)
Disposal 18,450 Elimination (9,225) (18450 x 25% x 2)
______ on Disposal _______
At 30 April 2013 119,000 57,425 = £61,575 NBV
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Jess_1324
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#4
Report Thread starter 8 years ago
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Thanks!


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