Hi therePlease help with the following accounting question Journalise ALL the above transactions for the year ended 28 February 2021 in the General Journal including the year-end adjustment entries for depreciation. Round off to the nearest RandNarrations are not requiredThe format has been provided ?? DATEDETAILSFOLDEBITCREDIT Question 1The following balances appeared in the books of Santiago Traders on 1 March 2020:Land and Buildings900 000Vehicles250 000Machinery200 000Accumulated Depreciation on VehiclesAccumulated Depreciation on Machinery?Additional information:A new building was purchased for cash on the 1st September 2020 for R1 000 000.The vehicles balance at 1 March 2020 consists of two vehicles. Vehicle A with a cost price ofR120 000 was sold on the 31st October 2020 on credit to Miss Smith for R60 000. Thevehicle was purchased on the 31 May 2018. Vehicle B was purchased on the 1 March 2019.Purchased a new delivery vehicle (Vehicle C) for R345 000 on credit from N&N Motors on 1December 2020All machinery was purchased on the 30 April 2017The depreciation policy on non-current assets are as follows:Vehicles: 20% on cost using the straight-line method and no residual valueMachinery: 10% per annum using the diminishing balance method and no residualvalueIGNORE VATSantiago Traders has a 28 February year endQ.1.1Journalise ALL the above transactions for the year ended 28 February 2021 inthe General Journal including the year-end adjustment entries for depreciation.Round off to the nearest RandNarrations are not required

The accounting process begins with a journal entry, which is the first and most important stage.…

The following balances appeared in the books of Santiago Traders on 1 March 2020: Land and Buildings 900 000 Vehicles 250 000 Machinery 200 000 Accumulated Depreciation on Vehicles Accumulated Depreciation on Machinery

The following balances appeared in the books of Santiago Traders on 1 March 2020: Land and Buildings 900 000 Vehicles 250 000 Machinery 200 000 Accumulated Depreciation on Vehicles Accumulated Depreciation on Machinery

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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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 belowThe 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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