A Car Was Purchased By A Newsagent Business In May 20X0 For: $ Cost 10,000 Road Tax 150 Total 10,150 The Business Adopts A Date Of 31 December As Its Year End. The Car Was Traded In For A Replacement Vehicle In August 20X3 At An Agreed Value Of $5,000. It Has Been Depreciated At 25% Per Annum On The Reducing Balance Method, Charging A Full Year's Depreciation In The Year Of Purchase And None In The Year Of Sale. What Was The Profit Or Loss On Disposal Of The Vehicle During The Year Ended December 20X3?

Nursing

A car was purchased by a newsagent business in May 20X0 for: $ Cost 10,000 Road tax 150 Total 10,150 The business adopts a date of 31 December as its year end. The car was traded in for a replacement vehicle in August 20X3 at an agreed value of $5,000. It has been depreciated at 25% per annum on the reducing balance method, charging a full year’s depreciation in the year of purchase and none in the year of sale. What was the profit or loss on disposal of the vehicle during the year ended December 20X3?

- November 14, 2022 - Edwin Tunner

A car was purchased by a newsagent business in May 20X0 for:

Cost 10,000

Road tax 150

Total 10,150

The business adopts a date of 31 December as its year end.

The car was traded in for a replacement vehicle in August 20X3 at an agreed value of $5,000.

It has been depreciated at 25% per annum on the reducing balance method, charging a full year’s

depreciation in the year of purchase and none in the year of sale.

What was the profit or loss on disposal of the vehicle during the year ended December 20X3?

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