16-Muscat Bakery LLC bought a Toyota Hiace Van for its business in July 2018. The cost of the Van is RO 12000 and the useful life is 5 years. The depreciated was provided in the accounts using Declining Balance method. The company sells the van on 31 Dec 2020 for RO 6000. The amount of Profit /loss to the transferred to the Income statement will be a. RO 912 Loss b. RO 1728 Profit c. RO 120 Loss d. RO 912 Profit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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16-Muscat Bakery LLC bought a Toyota Hiace Van for its business in July 2018. The cost of the Van is RO 12000 and the useful life is 5 years. The depreciated was provided in the accounts using Declining Balance method. The company sells the van on 31 Dec 2020 for RO 6000. The amount of Profit /loss to the transferred to the Income statement will be
a.
RO 912 Loss
b.
RO 1728 Profit
c.
RO 120 Loss
d.
RO 912 Profit
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