Use the Information Below to Answer the Following Questions:
the

question 21

Multiple Choice

Use the information below to answer the following questions:
The following information is taken from the accounts of Ray Ltd.
$\begin{array}{llcc}&\$\\ \text { Motor vehicles, 1 January 2012 } &620000 \\ \text {Motor vehicles, 31 December 2012 } &740000\\ \text {Accumulated depreciation } &\\ \text { - Motor vehicles, 1 January 2012 } &230000\\ \text {Accumulated depreciation } &\\ \text { - Motor vehicles, 31 December } &290000\\ \text {Depreciation expense } &\\ \text {- Motor vehicles, year ended 31 December 2012 } &1500\\ \text { Gain on sale of motor vehicle, } &\\ \text { year ended 31 December} &10000\\ \text { Acquisition of motor vehicles financed by loan} &\\ \text {to be paid in 5 years' time } &170000\\ \text { Cost price motor vehicles sold during the year } &130000\\\end{array}$


-What were the proceeds from sale of motor vehicles?

• A) $30 000
• B) $40 000
• C) $50 000
• D) $140 000.

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