PTC December 2009 paper

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Tinkerbell007
Tinkerbell007 Registered Posts: 64 Regular contributor ⭐
in AAT Level 4 (Level 8 in Scotland)
It was going well this morning but now totally confused!!!

December 2009 PTC paper - section 2 question 2.1d - how do they get the £6000 deemed proceeds on the sale of the table???!!!

I did the calculation as sale proceeds of £4000 less original cost of £15000 less the auction fees of 2% (£300) to give a loss of £11300 - I think I've completely confused myself with it all!!

Can anyone help??

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  • Esme
    Esme Registered Posts: 711 Epic contributor 🐘
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    If proceeds are below 6,000 you use 6,000 as deemed proceeds.
  • Tinkerbell007
    Tinkerbell007 Registered Posts: 64 Regular contributor ⭐
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    Thanks Esme!! Couldn't see for looking in my notes!!! :)

    Much appreciated!!

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