Can you answer number 2 and 3 9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of$500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for$6 000.YOU ARE REQUIRED TO:I.Drawupthe following Ledger accounts:i.Motor Vehicle account50006110.0002006Bank[12ii.Provision for Depreciation account2006[2iii.Motor Vehicle Disposal accountPag

2006 Jan 1 Purchased motor vehicle for $10,000 ($500 residual) 2008 Jan 2 Sold for $6,000

9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of $500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for $6 000. YOU ARE REQUIRED TO:

9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of $500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for $6 000. YOU ARE REQUIRED TO:

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterA: Methods Of Depreciation

Section: Chapter Questions

Problem 4P: Use the information in Problem A-1 to solve this problem. Assume that the van is five-year property...

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Question

Can you answer number 2 and 3

9. P. Curtis bought a motor vehicle for $10 000 on 1 January 2006. It had a residual value of
$500 and is to be used for 5 years. The motor vehicle was sold on 2 January 2008 for
$6 000.
YOU ARE REQUIRED TO:
I.
Draw
up
the following Ledger accounts:
i.
Motor Vehicle account
50006
110.000
2006
Bank
[12
ii.
Provision for Depreciation account
2006
[2
iii.
Motor Vehicle Disposal account
Pag

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