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:

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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
Transcribed Image Text: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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