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Do the tutors here give lecture to colleges in real life? Mr Moffat for example is seen in his videos lecturing a live class, where does he teach in real life? I’d like to join that college for when I come to do my P’s.
A car was purchased by T for $12,000 on 1 April 20X1 and has been depreciated at 20% each year straight line, assuming no residual value.
The accounting policy is to charge a full year’s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August 20X4 for an agreed trade-in value of $5,000.
What was the profit or loss on the disposal of the vehicle for the year ended 31 December 20X4?A car was purchased by T for $12,000 on 1 April 20X1 and has been depreciated at 20% each year straight line, assuming no residual value.
The accounting policy is to charge a full year’s depreciation in the year of purchase and no depreciation in the year of sale. The car was traded in for a replacement vehicle on 1 August 20X4 for an agreed trade-in value of $5,000.
What was the profit or loss on the disposal of the vehicle for the year ended 31 December 20X4?For anyone coming across this thread who wishes to see answer to mantibilili’s question please see following more appropriate thread-
https://opentuition.com/topic/profit-or-loss-on-disposal-of-vehicle/
Hope this helps.
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