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What is the correct journal entry to transfer the original cost of the Motor vehicle sold to the ‘sale of NCA’ account?
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A) Debit: Sale of non-current asset Credit: Motor vehicle
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B) Debit: Cash at bank Credit Motor vehicle
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C) Debit: Cash at bank Credit: Sale of non-current asset
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D) Debit: Sale of non-current asset Credit: Income summary
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Which journal entry records the transfer of accumulated depreciation of the asset at the date of sale to the sale of NCA account?
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A) Debit: Sale of non-current asset Credit: Motor vehicle
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B) Debit: Accumulated depreciation Credit: Sale of non-current asset
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C) Debit: Cash at bank Credit: Sale of non-current asset
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D) Debit: Income summary Credit: Sale of non-current asset
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A) Debit: Sale of non-current asset Credit: Motor vehicle
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B) Debit: Cash at bank; Cr Non-current asset
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C) Debit: Cash at bank Credit: Sale of non-current asset
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D) Debit: Sale of non-current asset Credit: Income summary
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A) debited to the Non-Current Asset Account
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(B) debited to the Income Summary Account
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(C) shown as a current liability in the Statement of Financial Position
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(D) debited to the Accumulated Depreciation Account.
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Asma bought a motor vehicle for
$10 000. She depreciated it at the rate of 10% per annum on cost calculated monthly. After 18 months she sold the motor vehicle for $9200.
$10 000. She depreciated it at the rate of 10% per annum on cost calculated monthly. After 18 months she sold the motor vehicle for $9200.
What was the gain on sale of non-current asset?
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A) $200
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B $650
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C $700
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D $1200
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On 1 March 2026, Carol Cake purchased a computer system for
$9 000. Depreciation was charged at 10% using the straight-line method. Due to technological advancements, Carol Cake sold the computer system for $4 500 on 15 August 2028. A full year depreciation is charged in the year of purchase and no depreciation is charged in the year of sale. Its financial year ends on 31 December. What was the gain or loss on the sale of the non-current asset?
$9 000. Depreciation was charged at 10% using the straight-line method. Due to technological advancements, Carol Cake sold the computer system for $4 500 on 15 August 2028. A full year depreciation is charged in the year of purchase and no depreciation is charged in the year of sale. Its financial year ends on 31 December. What was the gain or loss on the sale of the non-current asset?
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A) Gain of $900
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B) Loss of $1 800
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C) Gain of $1 500
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D) Loss of $2 700
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On 1 June 2025, Paperpal bought a printing machine for $12 000. Depreciation was charged at 20% using the reducing balance method. Due to a decrease in demand for printed materials, Paperpal sold the machine for $6 000 on 30 November 2027. A full year depreciation is charged in the year of purchase and no depreciation is charged in the year of sale. Its financial year ends on 31 December. What was the loss on the sale of the non-current asset?
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A) $1 680
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B) $1 920
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C) $3 000
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D) $4 320
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