A-LevelAccountingPreparation of financial statements9706/12 · May/June 2012 · Q51 Mark
A sole trader owns a vehicle valued at $4000 for his own use and a vehicle valued at $2500 for business use. On 1 April 2012 he sold the business vehicle. On the same date he bought a new vehicle for $8000 for his own use and transferred his old vehicle to the business. What is the change in the value of vehicles in the business accounts?
A$1500
B$4000
C$5500
D$6500
✓ Correct answer
A: $1500
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