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Hello everyone,
Grateful if you can help on the accounting entries (journal, income statement and Balance sheet for the below)
Motor vehicle as per TB is £65,400
On 1 December 2017 motor vehicle AB was crashed. Motor vehicle AB had been
purchased on 1 April 2014 for £30,000. M. Mint sold the vehicle for £700 scrap and
received £8,500 from the insurance companyAllowance to be made for depreciation as follows:
Buildings 2% straight line
Fixtures and fittings 10% reducing balance
Motor vehicles 20% straight line
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