A lorry was purchased in 20X8 for £48,000 and depreciated by 20% using the reducing balance method. It is the entity's policy to charge a full year's depreciation in the year of purchase and none in the year of sale. In the second month of 20Y1 it was sold for £24,000. This resulted in:

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The Answer of  A lorry was purchased in 20X8 for £48,000 and depreciated by 20% using the reducing balance method. It is the entity's policy to charge a full year's depreciation in the year of purchase and none in the year of sale. In the second month of 20Y1 it was sold for £24,000. This resulted in:

A Lorry Was Purchased in 20X8 for £48,000 and Depreciated