The Following Information Is Taken from the Accounts of Spratt

question 3

Multiple Choice

The following information is taken from the accounts of Spratt Ltd.
$\begin{array}{lr}\text { Plant, 1 July } 2011 & \$ \\ \text { Plant, 30 June } 2012 & 200,000 \\ \text { Accumulated depreciation - plant, 1 July 2011 } & 250,000 \\ \text { Accumulated depreciation - plant, 30 June 2012 } & 40,000 \\ \text { Depreciation expense - plant, year ended 30 June } 2012 & 50,000 \\ \text { Loss on sale of plant, year ended 30 June 2012 } & 42,000 \\ \text { Cost price of plant sold during the year } & 9,000 \\ & 70,000\end{array}$
-What were the proceeds from the sale of plant?

• A) $9000
• B) $19 000
• C) $29 000
• D) $47 000.

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