Question

Jamal treats purchases of loose tools as capital expenditure. On 1 July 2014 his loose tools were valued at $7100 On 1 September 2014 he bought new tools costing $1200. On 30 June 2015 he valued loose tools at $6000 . Which amount for loose tools appeared in his income statement for the year ended 30 June 2015?

A $100
B $1100
C $1200
D 2300

Answer 1

Jamal treats purchases of loose tools as capital expenditure. On 1 July 2014 his loose tools were valued at $7100. On 1 September 2014 he bought new tools costing $1200. On 30 June 2015 he valued loose tools at $6000. Which amount for loose tools appeared in his income statement for the year ...