Prepare all the journal entries to record the disposal of the vehicle on 31 March 2021 Journal narrations are required. Document numbers are not required. Question 3 Poppy Traders owns the following assets on 31 December 2021: 1. Ford EcoSport-CS 23 TM GP: Purchased on 30/6/2019 for R250 000. 2. Packaging machine: Purchased on 1/4/2020 for R300 000. Poppy Traders writes off depreciation as follows: Vehicles at 20% per annum using the diminishing balance method. Machinery at 25% per annum using the straight-line method. Required: Q.3.1 Record the vehicle as it would appear in the asset register at 31 December 2021 using the template below: ASSET REGISTER VEHICLE: FORD ECOSPORT DATE COST DEPRECIATION ACCUMULATED CARRYING DEPRECIATION VALUE O The Independent Institute of Education (Pty) Ltd 2022 Page 4 of 7 22 2022 Q.3.2 Record the packaging machine as it would appear in the asset register at 31 December 2021 using the template below: ASSET REGISTER MACHINE: PACKAGING MACHINE DATE COST DEPRECIATION ACCUMULATED CARRYING DEPRECIATION VALUE Q.3.3 Prepare the depreciation ledger account for the period 30 June 2019 to December 2021.

Prepare all the journal entries to record the disposal of the vehicle on 31 March 2021 Journal narrations are required. Document numbers are not required. Question 3 Poppy Traders owns the following assets on 31 December 2021: 1. Ford EcoSport-CS 23 TM GP: Purchased on 30/6/2019 for R250 000. 2. Packaging machine: Purchased on 1/4/2020 for R300 000. Poppy Traders writes off depreciation as follows: Vehicles at 20% per annum using the diminishing balance method. Machinery at 25% per annum using the straight-line method. Required: Q.3.1 Record the vehicle as it would appear in the asset register at 31 December 2021 using the template below: ASSET REGISTER VEHICLE: FORD ECOSPORT DATE COST DEPRECIATION ACCUMULATED CARRYING DEPRECIATION VALUE O The Independent Institute of Education (Pty) Ltd 2022 Page 4 of 7 22 2022 Q.3.2 Record the packaging machine as it would appear in the asset register at 31 December 2021 using the template below: ASSET REGISTER MACHINE: PACKAGING MACHINE DATE COST DEPRECIATION ACCUMULATED CARRYING DEPRECIATION VALUE Q.3.3 Prepare the depreciation ledger account for the period 30 June 2019 to December 2021.

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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