- This topic has 3 replies, 2 voices, and was last updated 10 years ago by
.
Viewing 4 posts - 1 through 4 (of 4 total)
- Posts
Kris prepares accounts to 31 December. Kris ceased to trade on 31 March 2015 on which date all plant and machinery was sold for £5,000. The WDV on the main pool as at 1 January 2015 was £12,000. Machinery was purchased on 1 February 2015 for £4,000 . if sale proceeds was more than WDV for example 13000. what should we do?
In this situation if pool were at 12000 and he received 13000 one thousand pounds the extra thousand would be added to trading profits as a balancing charge.This is because if has received more “tax allowable depreciation” than if should have given sales value of remaining assets.
Viewing 4 posts - 1 through 4 (of 4 total)
- You must be logged in to reply to this topic.