Activity 2.16: Dispose of an asset during the financial year On 30 April 20.6, these balances appeared in the Pre-adjustment Trial Balance of Games Unlimited: • Vehicles R334 000 Equipment . Accumulated depreciation: Vehicles . Accumulated depreciation: Equipment Drew up these General Ledger accounts and balance (or close) them on R84 000 R99 000 R41 500 30 April 20.6: Vehicles; Accumulated depreciation: Vehicles; Equipment; Accumulated depreciation: Equipment; Depreciation and Asset disposal. 2 Prepare the Tangible asset note to the financial statements on 30 April 20.6. Additional information and adjustments • On 1 August 20.5, equipment (cost price R6 000; accumulated depreciation on 1 May 20.5, R4 400) was sold for R800 on account. No entries were made. • On 1 February 20.6, a vehicle was bought for R104 000. This was recorded. Depreciation on all is calculated at: Vehicles at 25% p.a. on the diminishing balance method. - Equipment at 15% p.a. on to the straight-line method. -

Activity 2.16: Dispose of an asset during the financial year On 30 April 20.6, these balances appeared in the Pre-adjustment Trial Balance of Games Unlimited: • Vehicles R334 000 Equipment . Accumulated depreciation: Vehicles . Accumulated depreciation: Equipment Drew up these General Ledger accounts and balance (or close) them on R84 000 R99 000 R41 500 30 April 20.6: Vehicles; Accumulated depreciation: Vehicles; Equipment; Accumulated depreciation: Equipment; Depreciation and Asset disposal. 2 Prepare the Tangible asset note to the financial statements on 30 April 20.6. Additional information and adjustments • On 1 August 20.5, equipment (cost price R6 000; accumulated depreciation on 1 May 20.5, R4 400) was sold for R800 on account. No entries were made. • On 1 February 20.6, a vehicle was bought for R104 000. This was recorded. Depreciation on all is calculated at: Vehicles at 25% p.a. on the diminishing balance method. - Equipment at 15% p.a. on to the straight-line method. -

Name: Activity 2.16; Dispose of an asset during the financial yearOn 30 Apr
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Description: Activity 2.16; Dispose of an asset during the financial yearOn 30 April 20.6, these balances appeared in the Pre-adjustment Trial Balanceof Games Unlimited:• VehiclesR334 000EquipmentAccumulated depreciation: Vehicles• Accumulated depreciation: Equi

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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