PTC December 2009 paper

Tinkerbell007

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??

Esme

If proceeds are below 6,000 you use 6,000 as deemed proceeds.

Tinkerbell007

Thanks Esme!! Couldn't see for looking in my notes!!!

Much appreciated!!