Solution-What was the profit or loss on the sale of the old

What was the profit or loss on the sale of the old car

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Question - On 1 June 20X8 Barco's business traded in a car which it had bought on 1 June 20X6 for £6,000. The business had been depreciating the car using the reducing balance method at the rate of 50% per annum. The new car cost £12,200 and Barco paid the garage the balance of £11,800 via bank transfer. Barco's year end is 31 May. What was the profit or loss on the sale of the old car?

Reference no: EM133066523

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What was the profit or loss on the sale of the old car

Reference no: EM133066523

Reference no: EM133066523

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