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 120 Loss b. RO 912 Profit c. RO 912 Loss d. RO 1728 Profit
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 120 Loss b. RO 912 Profit c. RO 912 Loss d. RO 1728 Profit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7- 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 120 Loss
b.
RO 912 Profit
c.
RO 912 Loss
d.
RO 1728 Profit
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