GLIEM MCQ ON CAPITAL ASSET

  • Creator
    Topic
  • October 23, 2016 at 10:34 am #1304305
    pracap
    Participant

    Can somebody explain this?

    At Dec 31 year2, following assets were among those owned by Rea:
    Acquired date Asset Cost
    Jan year1 Personal residence 200000
    Feb year1 stock of listed co. 16000
    Dec year2 stock of listed co. 16000

    Total capital assets amounted to
    a) 16000
    b) 216000
    c) 22000
    d) 222000

    Answer is (d) 222000
    How can this be?

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