Gce Model Questions Vol1 2019 Financial Accounting Question 49
Practice objective / multiple choice question 49 from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
A machine was purchased on 1 March 2020 for \(24,000\). It has a useful life of 5 years and a residual value of \(4,000\). The company applies the reducing‑balance method at a rate that would give the same total depreciation as the straight‑line method over the useful life. The machine was sold on 30 June 2022 for \(10,000\). Calculate the profit or loss on disposal, assuming no other adjustments. (Round the final result to the nearest pound.)
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About This Question
This is Gce Model Questions Vol1 2019 Financial Accounting Question 49. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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