Profit figures
On 1st July 2017 Utensilite Ltd acquired a 3rd Motor Vehicle for $45,000 paying cash of$12,500 and negotiating a loan for the balance. The estimated life of the vehicle was12 years and residual value $3,000. The vehicle was to be depreciated at the rate of30% using the declining balance method.Depreciation is recorded on 30th June […]