Hello Sir,
In the answer for this question, i do not understand where the figure 29524$ comes from?
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Practice question 31 (Shamus).
Thank you for pointing out this omission! For some reason the calculation of the cost that should have copied in from last year's notes has disappeared!!
That line should state:
Less: Cost 124,000 x 50,000 / 50,000 + 160,000 = 29,524
This is the basic part disposal calculation of:
Sale Proceeds divided by Sale Proceeds + Value Remaining
Hope this resolves problem.
yes sir, understood.. thank you for replying.
Regards
Manan
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