The balance in the vehicles account in the ledger of smwg limted was R 1 250 000 on 01 January 2023. A vehicle, with a cost price of R 375 000 and accumulated depreciation of R 300 000, is planned to be sold for R 62 500 on 30 June 2023. A new vehicle with a cost price of R 625 000 will be purchased to replace it on the same day. The total depreciation on vehicles for 2023 is estimated to be R 312 500. What will be the carrying value of the vehicles in the pro forma statement of financial position as at 31 December 2023?
The balance in the vehicles account in the ledger of smwg limted was R 1 250 000 on 01 January 2023. A vehicle, with a cost price of R 375 000 and accumulated depreciation of R 300 000, is planned to be sold for R 62 500 on 30 June 2023. A new vehicle with a cost price of R 625 000 will be purchased to replace it on the same day. The total depreciation on vehicles for 2023 is estimated to be R 312 500. What will be the carrying value of the vehicles in the pro forma statement of financial position as at 31 December 2023?
The balance in the vehicles account in the ledger of smwg limted was R 1 250 000 on 01 January 2023. A vehicle, with a cost price of R 375 000 and accumulated depreciation of R 300 000, is planned to be sold for R 62 500 on 30 June 2023. A new vehicle with a cost price of R 625 000 will be purchased to replace it on the same day. The total depreciation on vehicles for 2023 is estimated to be R 312 500. What will be the carrying value of the vehicles in the pro forma statement of financial position as at 31 December 2023?
The balance in the vehicles account in the ledger of smwg limted was R 1 250 000 on 01 January 2023. A vehicle, with a cost price of R 375 000 and accumulated depreciation of R 300 000, is planned to be sold for R 62 500 on 30 June 2023. A new vehicle with a cost price of R 625 000 will be purchased to replace it on the same day. The total depreciation on vehicles for 2023 is estimated to be R 312 500.
What will be the carrying value of the vehicles in the pro forma statement of financial position as at 31 December 2023?
Please don't copy answer from Chegg plz
Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
