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If by chance anyone have some notes , tips, papers n answers to help me pass this exam…I failed before and not trying to fail again ??
See here https://opentuition.com/fia/fa1
Sanyu runs a business altering and repairing clothes. When Sanyu started business on 1 January 20X2, a Soopastitch II sewing machine was purchased at a cost of $2,500. Sewing machines are depreciated using the straight-line method at a rate of 20% pa, and a full year of depreciation is charged in the year of acquisition and none in the year of disposal.
The business has now grown such that Sanyu needs a faster machine, and will upgrade to the Soopastitch V during December 20X5. The Soopastitch salesperson has offered a part-exchange deal as follows: Part exchange allowance for Soopastitch || $750
Balance to be paid in cash for Soopastitch V $4,850
Show the ledger entries for the year ended 31 December 20X5 to reflect this transaction.
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