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Georgie Shankar sold the following assets during the year ended 30 June 2016: Asset Cost   $ Purchase date Sale Proceeds $ Sale date Shares in Amber Ltd 1,000 20/09/84 32,000 02/08/11 Shares in Janet Ltd 4,500 20/12/88 5,000 03/09/11 Boat 14,400 21/10/06 15,500 13/11/11 Violin 1,200 15/02/07 1,800 20/11/11 Investment property 220,000 20/02/02 350,000 25/01/12 Shares in Angela Ltd 4,000 12/03/03 1,500 03/03/12 Shares in Louise Ltd 2,200 15/10/11 12,000 26/06/12 Required: Calculate Georgie's net capital gain for the year ended 30 June 2016.

Georgie Shankar sold the following assets during the year ended 30 June 2016: Asset Cost   $ Purchase date Sale Proceeds $ Sale date Shares in Amber Ltd 1,000 20/09/84 32,000 02/08/11 Shares in Janet Ltd 4,500 20/12/88 5,000 03/09/11 Boat 14,400 21/10/06 15,500 13/11/11 Violin 1,200 15/02/07 1,800 20/11/11 Investment property 220,000 20/02/02 350,000 25/01/12 Shares in Angela Ltd 4,000 12/03/03 1,500 03/03/12 Shares in Louise Ltd 2,200 15/10/11 12,000 26/06/12 Required: Calculate Georgie's net capital gain for the year ended 30 June 2016.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

 Georgie Shankar sold the following assets during the year ended 30 June 2016:

Asset

Cost

 

$

Purchase

date

Sale Proceeds

$

Sale

date

Shares in Amber Ltd

1,000

20/09/84

32,000

02/08/11

Shares in Janet Ltd

4,500

20/12/88

5,000

03/09/11

Boat

14,400

21/10/06

15,500

13/11/11

Violin

1,200

15/02/07

1,800

20/11/11

Investment property

220,000

20/02/02

350,000

25/01/12

Shares in Angela Ltd

4,000

12/03/03

1,500

03/03/12

Shares in Louise Ltd

2,200

15/10/11

12,000

26/06/12

Required:

Calculate Georgie's net capital gain for the year ended 30 June 2016.

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