If the opening balance of plant and equipment was $310 000,the closing balance was $350 000 and plant and equipment costing $30 000 was sold during the period,what was the cost of equipment purchased?

Question

Quizplus · Accepted Answer

Cost of equipment purchased = Closing balance - Opening balance + Equipment sold
Cost of equipment purchased = $350 000 - $310 000 + $30 000 
Cost of equipment purchased = $70 000

If the Opening Balance of Plant and Equipment Was $310