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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?
A) Debit: Sale of non-current asset Credit: Motor vehicle
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Add RecommendationAdd TagsView All Assigned TagsB) Debit: Cash at bank Credit Motor vehicle
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Add RecommendationAdd TagsView All Assigned TagsC) Debit: Cash at bank Credit: Sale of non-current asset
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Add RecommendationAdd TagsView All Assigned TagsD) 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?
A) Debit: Sale of non-current asset Credit: Motor vehicle
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Add RecommendationAdd TagsView All Assigned TagsB) Debit: Accumulated depreciation Credit: Sale of non-current asset
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Add RecommendationAdd TagsView All Assigned TagsC) Debit: Cash at bank Credit: Sale of non-current asset
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Add RecommendationAdd TagsView All Assigned TagsD) 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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Add RecommendationAdd TagsView All Assigned TagsB) Debit: Cash at bank; Cr Non-current asset
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Add RecommendationAdd TagsView All Assigned TagsC) Debit: Cash at bank Credit: Sale of non-current asset
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Add RecommendationAdd TagsView All Assigned TagsD) 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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Add RecommendationAdd TagsView All Assigned Tags(B) debited to the Income Summary Account
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Add RecommendationAdd TagsView All Assigned Tags(C) shown as a current liability in the Statement of Financial Position
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Add RecommendationAdd TagsView All Assigned Tags(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?
A) $200
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Add RecommendationAdd TagsView All Assigned TagsB $650
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Add RecommendationAdd TagsView All Assigned TagsC $700
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Add RecommendationAdd TagsView All Assigned TagsD $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?
A) Gain of $900
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Add RecommendationAdd TagsView All Assigned TagsB) Loss of $1 800
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Add RecommendationAdd TagsView All Assigned TagsC) Gain of $1 500
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Add RecommendationAdd TagsView All Assigned TagsD) 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?
A) $1 680
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Add RecommendationAdd TagsView All Assigned TagsB) $1 920
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Add RecommendationAdd TagsView All Assigned TagsC) $3 000
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Add RecommendationAdd TagsView All Assigned TagsD) $4 320
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Unfortunately, you did not perform well on the quiz. There is room for improvement in understanding journal entries related to non-current assets.
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You got a score of %%YOURSCORE%% out of %%TOTALSCORE%%
Congratulations on passing the quiz! You have a good understanding of the basics of journal entries for non-current assets.
Well done on your achievement! Keep up the good work and continue building on your knowledge in this area.
Suggestions for Improvement:
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– Pay attention to details in calculations to ensure accuracy in your accounting entries.
Well done on your achievement! Keep up the good work and continue building on your knowledge in this area.
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– Pay attention to details in calculations to ensure accuracy in your accounting entries.
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