The financial year of PJ Dealers ends on 31 August. The following balances appeared in their books on 1 September 2015. • Equipment • Acuumulated depreciation R95 120 R28 536 On 28 February 2016, an office computer bought on 1 September 2013 for R13 920 was sold on credit to JB Dealers R7 714. No other purchases or sales of equipment took place during the financial year ended 31 August 2016. It is the policy of the firm to depreciate all equipment at an annual rate of 20% on cost. Ignore VAT. Required to: Prepare equipment account Accumulated depreciation: equipment Asset disposal • Debtors control account

The financial year of PJ Dealers ends on 31 August. The following balances appeared in their books on 1 September 2015. • Equipment • Acuumulated depreciation R95 120 R28 536 On 28 February 2016, an office computer bought on 1 September 2013 for R13 920 was sold on credit to JB Dealers R7 714. No other purchases or sales of equipment took place during the financial year ended 31 August 2016. It is the policy of the firm to depreciate all equipment at an annual rate of 20% on cost. Ignore VAT. Required to: Prepare equipment account Accumulated depreciation: equipment Asset disposal • Debtors control account

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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