28 February 2021 Vehicles R300000, Accumulated depreciation R50000. Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2020 at R2020 at R20000 cash. The vehicle originally costed R25000 and the Accumulated depreciation for previous years is R3000. What is the profit/loss for the disposed vehicle?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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28 February 2021

Vehicles R300000, Accumulated depreciation R50000. Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2020 at R2020 at R20000 cash. The vehicle originally costed R25000 and the Accumulated depreciation for previous years is R3000. What is the profit/loss for the disposed vehicle?

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An amount of R1200 received from a debtor in settlement of his account will result in

 

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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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