25 Aug These are the balance sheets of Mitchell Ltd:
These are the balance sheets of Mitchell Ltd:
30 June 30 June
2011 2012
Plant $10 000 $15 000
Accumulated Depreciation – Plant $ 4 000 $ 5 000
The profit and loss statement for the year ended 30 June 2012 shows:
Depreciation Expense – plant $1 500
Proceeds from the sale of plant $1 600
Carrying value of plant sold $2 500
During the year Mitchell Ltd sold plant which had cost $3 000.
The accumulated depreciation on the plant sold by Mitchell during the year is:
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