A-LevelAccountingAccounting for non-current assets9706/12 · May/June 2022 · Q41 Mark

A business depreciates its machinery at 10% per annum using the straight-line method on a month-by-month basis. The business's financial year end is 30 June. Machinery which had cost $6600 on 1 April 2020 was sold on 30 November 2021. The profit on sale was $350. What were the sale proceeds?

A$5150

B$5425

C$5850

D$6125

✓ Correct answer

C: $5850

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Topic: Accounting for non-current assets, A-Level Accounting (syllabus 9706). Multiple choice, 1 mark.
Source: A-Level Accounting, May/June 2022 Paper 1 Variant 2, question 4.

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A business depreciates its machinery at 10% per annum using the straight-line method on a month-by-month basis. The business's financial year end is 30 June. Machinery which had cost $6600 on 1 April 2020 was sold on 30 November 2021. The profit on sale was $350. What were the sale proceeds?

✓ Correct answer

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