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Find profit or loss on disposal

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Find profit or loss on disposal

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • February 21, 2022 at 6:37 am #649027
    shahana131
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    Sweeto maintains a fleet of company cars and depreciates all vehicles on a straight-line basis over a period of three years from the month of acquisition. During 2012 the company disposed of the following vehicles:

    I. A Volvo which had originally cost $32,000 on 1 April 2009 was sold on 31 July 2012 for $7,000
    I. An Audi which had originally cost $40,000 on 1 September 2010 was sold on 30 November 2012 for
    $18,000
    What figure for profit or loss on disposal of non-current assets should appear in the company’s statement of
    profit or loss for the year ended 31 December 2012?

    Sir how do we get the dep amount ?

    February 21, 2022 at 9:39 am #649048
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51583
    • ☆☆☆☆☆

    The question says that they are depreciated straight line over three years from the month of acquisition. So you need to count the number of months that they have been owned for and calculate on that basis.

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