Question 1 of 3Disposal of non-current assets
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The following account appeared in Tapiwa's ledger.
Jongwe Limited sold a motor van on 31 December 2009 for $10 000 cash. The van's original cost was $20 000 and the accumulated depreciation on it at the date of sale was $4 000. What was the profit or loss on disposal?
In C. William's Stationery Account for 2011, an entry of 'Profit and Loss $3 100' appears on the credit side at 31 December. What does this entry represent?
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