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Alpha sells machine B for $50,000

cash on 30 April 20X4.

Machine B cost $100,000

when it was purchased and has a carrying amount of $65,000 at the date of disposal. What are the journal entries to record

the disposal of machine B?

A

Accumulated depreciation $35,000 Dr Loss on disposal (SPL) $15,000

Dr Cash $50,000 Cr Non-current assets - cost $100,000

B

Dr Accumulated depreciation $65,000

Dr Loss on disposal (SPL) $35,000

Cr Non-current assets - cost $100,000

C

Accumulated depreciation $35,000 Dr Cash $50,000

Cr Non-current assets $65,000 Cr Profit on disposal (SPL) $20,000

D

Dr Non-current assets $65,000 Dr Accumulated depreciation $35,000

Cr Cash $50,000 Cr Profit on disposal (SPL) $50,000

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Chapter8Tangiblenon-currentassets

T accounts： PLANT AND MACHINERY ACCOUNT $

Balance b/d 100,000 Plant and machinery disposals a/c 100,000

PLANT AND MACHINERY ACCUMULATED DEPRECIATION

$

Plant and machinery disposals $

35,000 Balance b/d 35,000

PLANT AND MACHINERY DISPOSALS $ $

100.000 Accumulated depreciation Cash 35,000

Plant and machinery account SPL (loss on sale) 50,000

100.000 15,000

10,000

多做几道

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal

use?

A

The fair presentation concept

B

The accruals concept

C

The going concern concept

D

The business entity concept

According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful

representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error

A

1 and 2

B

2 and 3

C

1 and 4

D

3 and4

Which of the following accounting concepts means that similar items should receive a similar accounting treatment?

A

Going concern

B

Accruals

C

Matching

D

Consistency

Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy

Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for

Financial Reporting?

A

1 and 2 only

B

2 and 4 only

C

3 and 4 only

D

1 and 3 only

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