Good evening please help me with this activity from my textbook.Complete the financial note to the Financial statements relating to property plant and equipment for the year 28 February 2014 The following balances were taken from the trial balance of BJ Traders on 28 February 2013.DETAILSLand & buildingsDEBITCREDIT400 000Vehicles240 000Equipment52000Accumulated depreciation: vehicles70 400Accumulated depreciation: equipment24 600IS:Additional information:Depreciation is taken into account as follows:• On vehicles at 20% per annum on the diminishing balance method. On 28 February 2014, a vehicle with a cost price ofR80 000 and accumulated depreciation of R39 040 as at 1 March 2013 was sold for R40 000 cash. No entries pertaining tothis transaction have been made as yet.• On equipment at 10% per annum on cost price. Take into account that a new office computer was purchased for R 24 000on 1 March 2013.

Financial statements of the company includes income statement, balance sheet and cash flow…

The following balances were taken from the trial balance of BJ Traders on 28 February 2013. DETAILS Land & buildings DEBIT CREDIT 400000 Vehicles 240 000 Equipment 52 000 Accumulated depreciation: vehicles 70 400 Accumulated depreciation: equipment 24 600 Additional information: Depreciation is taken into account as follows: • On vehicles at 20% per annum on the diminishing balance method. On 28 February 2014, a vehicle with a cost price of R80 000 and accumulated depreciation of R39 040 as at 1 March 2013 was sold for R40 000 cash. No entries pertaining to this transaction have been made as yet. • On equipment at 10% per annum on cost price. Take into account that a new office computer was purchased for R 24 000 on 1 March 2013

The following balances were taken from the trial balance of BJ Traders on 28 February 2013. DETAILS Land & buildings DEBIT CREDIT 400000 Vehicles 240 000 Equipment 52 000 Accumulated depreciation: vehicles 70 400 Accumulated depreciation: equipment 24 600 Additional information: Depreciation is taken into account as follows: • On vehicles at 20% per annum on the diminishing balance method. On 28 February 2014, a vehicle with a cost price of R80 000 and accumulated depreciation of R39 040 as at 1 March 2013 was sold for R40 000 cash. No entries pertaining to this transaction have been made as yet. • On equipment at 10% per annum on cost price. Take into account that a new office computer was purchased for R 24 000 on 1 March 2013

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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