A company sells a plant asset which originally cost Sh 240,000 for Sh 80,000 on December 31, 2022. The Accumulated Depreciation account had a balance of Sh 96,000 after the current year's depreciation of Sh 24,000 had been recorded. The company should recognize a A. Sh 40,000 loss on disposal B. Sh 160,000 loss on disposal C. Sh 64,000 gain on disposal D. There will no loss or gain on disposal E. Sh 64,000 loss on disposal

A company sells a plant asset which originally cost $360,000 for $120,000 on December 31, 2021. The Accumulated Depreciation account had a balance of $144,000 after the current year's depreciation of $36,000 had been recorded. The company should recognize aGroup of answer choices$240,000 loss on disposal.$96,000 gain on disposal.$96,000 loss on disposal.$60,000 loss on disposal.

At the beginning of the financial year on 1 April 2020, a company had a balance on plant account of Sh 372,000 and on provision for depreciation of plant account of Sh 205,400. The company’s policy is to provide depreciation using the reducing balance method applied to the non-current assets held at the end of the financial year at the rate of 20% per annum. On 1 September 2020 the company sold for Sh 13,700 some plant which it had acquired on 31 October 2016 at a cost of Sh 36,000. Additionally, installation costs totalled Sh 4,000. During 2018 major repairs costing Sh 6,300 had been carried out on this plant and, in order to increase the capacity of the plant, a new motor had been fitted in December 2018 at a cost of Sh 4,400. A further overhaul costing Sh 2,700 had been carried out during 2019. The company acquired new replacement plant on 30 November 2020 at a cost of Sh 96,000, inclusive of installation charges of Sh 7,000. Calculate: (a) the balance of plant at cost at 31 March 2021 was Sh (b) the total (accumulated) provision for depreciation of plant at 31 March 2021 was Sh . This comprised: - Depreciation for year to 31 March 2017 of Sh - Depreciation for year to 31 March 2018 of Sh - Depreciation for year to 31 March 2019 of Sh - Depreciation for year to 31 March 2020 of Sh (c) the (profit/loss) on disposal of the plant was Sh . This is because the book value of the plant at the date of sale was Sh .

On 1 January 20X0 an asset that had a useful life of five years and a cost of $100 000, had a carrying value of $60 000. (The asset had been depreciated for two years at $20 000 per annum). On 1 January 20X0 it was decided to revalue the asset upwards to $90 000 with no change in its useful life. A year after the revaluation on 1 January 20X1 the asset was sold for $80 000. Under the provisions of AASB 116, the gain or loss on disposal is:

A plant asset was purchased on January 1 for Sh 600,000 with an estimated salvage value of Sh 100,000 at the end of its useful life. The current year's Depreciation Expense is Sh 50,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is Sh 250,000. The remaining useful life of the plant asset is __ years. Hint: Write your answer as an integer, e.g 1, 2, 3, etc. Answer:

A plant asset was purchased on January 1 for $100,000 with an estimated salvage value of $20,000 at the end of its useful life. The current year's Depreciation Expense is $10,000 calculated on the straight-line basis and the balance of the Accumulated Depreciation account at the end of the year is $50,000. The remaining useful life of the plant asset isGroup of answer choices5 years.10 years.8 years.3 years.