A non-current asset was purchased for 240000 at the beginning of Year 1, with an expected life of 7 years and a residual value of 50000. It was depreciated by 20% per annum using the reducing balance method.
At the beginning of Year 4 it was sold for 100000. The result of this was:
On 1 March, a company made a payment of $6,000, in respect of rent for the quarter 1 March - 31 May. The company's year end was 31 March.
What will be the amount of the prepayment shown in the accounts at the year end?
Refer to the Exhibit.
The Financial Accountant for a company is preparing the monthly bank reconciliation and has extracted the following information:
The correct cash book balance at the month end will be:
Refer to the Exhibit.
Transactions are often categorized between capital and revenue
Which of the following combinations are correct?
Refer to the exhibit.
A company has the following equity balances at the beginning of the year:
During the year the company issued 100,000 new shares at $1.20 each
What are the equity balances after this issue?
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