Accounting 9706 · AS & A Level · Accounting for non-current assets

Accounting for non-current assets — practice question

The table sets out selected figures taken from a business's statements of financial position. Non-current assets (at cost): 2014 $190000$, 2015 $245000$ Less accumulated depreciation: 2014 $75000$, 2015 $90000$ Net book value: 2014 $115000$, 2015 $155000$ Additional information for the financial year 2015 is given below: Depreciation charged: $40000$ New non-current assets bought (at cost): $105000$ Loss on sale of non-current assets: $10000$ What amount was received from the sale of the non-current assets?

  • A$15000$
  • B$25000$
  • C$35000$
  • D$50000$

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