Robin's Business Had Total Assets at the Start of the Year

question 14

Multiple Choice

Robin's business had total assets at the start of the year amounting to £140000 of which £80000 related to current assets. Robin disposed of a fixed asset which had been purchased for £30000 and on which £16000 depreciation had been charged for £15000 and bought a replacement asset for £26000. He charged £11000 depreciation on his assets in the year. What is the fixed asset carrying amount at the end of the year?

• A) £45000
• B) £61000
• C) £136000
• D) £56000
• E) £72000

---

Definitions:

Creation Legend

Mythological stories or folk tales found in various cultures that describe the origins of the world, the universe, or humanity.

Gold-Covered Wooden Staff

An artifact typically signifying authority or ceremonial use, featuring a wooden core overlaid with gold.

Emblem

A symbolic object or design that represents a concept, organization, or nation, often imbued with deeper meanings or values.

Dogon People

An ethnic group from Mali, known for their rich culture, astronomical knowledge, traditional sculptures, and cliff dwellings.