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Mike Ran a Chauffeur Driven Limousine Business and Had Fixed

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Mike ran a chauffeur driven limousine business and had fixed assets consisting of four cars all bought at the same time with a carrying value of £88000. He reckons these will last three years and then be scrapped. The accumulated depreciation at the start of the year was £44000. Six months into the year one of his drivers wrote off a car and the insurance company paid out £20000 to settle the claim. He replaced the car immediately with a better model costing £39000. His policy as regards depreciation is to use straight line depreciation. What is the charge for the year?

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