ormation as per below The following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year: Vehicles 300 000 Accumulated depreciation on vehicles 140 000 Equipment 130 000 Accumulated depreciation on equipment 75 000 Additional information 1) A new vehicle,

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Hello, Please assist with below accounting question, requesting note for financial statements????

Prepare the following note to the financial statements as at 28 February 2020: Property, plant and equipment

Information as per below
The following balances appeared in the general ledger of Umzinto Traders on 01 March 2019, the beginning of the financial year:
Vehicles 300 000
Accumulated depreciation on vehicles 140 000
Equipment 130 000
Accumulated depreciation on equipment 75 000


Additional information
1) A new vehicle, cost price R160 000, was purchased on credit on 01 December 2019.
2) Equipment with a cost price of R10 000, was sold for cash on 31 August 2019 for R2 000. The accumulated depreciation on the equipment sold amounted to R7 000 on 01 March 2019.
3) Depreciation is calculated on equipment at 10% per annum on cost.
4) Depreciation is calculated on vehicles at 20% per annum on the diminishing balance.

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