WyseFinance maintains a non-current asset register for recording information for non-current assets for a business. The business is registered for VAT.
The following is a purchase invoice received by WyseFinance:
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To: WyseFinance
Unit 10, Southend End Trading
Estate
South Grove
SG26 4PZ
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Computer Shop plc
12 Sanger Lane
South Grove
SG20 7NX
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Date:
15 Dec 2011
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PACER 6012 Computer
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Serial number 98761MIT
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1
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1,100.00
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Delivery
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1
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25.00
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Warranty for 2 years
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1
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130.00
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Insurance for one year
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1
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85.00
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VAT @ 20%
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225.00
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Total
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1,565.00
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Settlement terms: strictly 30 days net
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The following information relates to the sale of a vehicle:
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Registration number
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CD11 FTH
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Date of sale
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10 August 2011
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Selling price excluding VAT
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£4550.00
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- WyseFinance has a policy of capitalising expenditure over £575.
- Vehicles are depreciated at 25% on a reducing balance basis.
- Computer equipment is depreciated at 33.33% on a straight-line basis with no residual value.
- Non-current assets are depreciated in the year of acquisition but not in the year of disposal.
Record the following information in the non-current assets register below:
(a) Any acquisitions of non-current assets during the year ended 31 December 2011
(b) Any disposals of non-current assets during the year ended 31 December 2011
(c) Depreciation for the year ended 31 December 2011