accumulated depreciation for Vehicle 1 should be up to date of sale Hogwarts Traders: Vehicle 2Date1 August 2019AccumulatedDateCurrentThe following information was taken from the fixed assets register of HogwartsPurchased:depreciationdepreciationTraders. The vehicles indicated below are the only vehicles owned by the soleMake andHyundai Atos31 Dec?trader. The company has a 31 December year end.reg.2019 (ZV109GP)2019PurchasedHyundaiHogwarts Traders: Asset Registerfrom:Auto(Cash)Hogwarts Traders: Vehicle 1Cost Price:R150 0001 May 2015AccumulatedRate of15% accordingDateDateCurrentPurchased:depreciation depreciationDepreciation:to straight lineMake andToyota Hilux31 Dec21333.3321 333.33method.reg.:2014 (FG765GP)2015Sold to:PurchasedBenji's Car Sales31 Dec29 866.6751 200.00Type of Sale:from:(Credit)2016Date sold:Cost Price320 000.0031 Dec26 880.0078 O80.00Selling Price:2017Rate of10% according31 Dec24 192.00102 272.00Required:Depreciation:to reducing2018balancePrepare the following accounts in the general ledger of Hogwarts Traders for themethod.financial year ended 31 December 2019 ONLY.Sold toV. Limited,31 Dec2019Start with the opening balances. Balance the accounts at the end of the month.Type of Sale:CashIgnore VAT.Date sold:1 July 2019Selling Price:Vehicles250 000.00Accumulated depreciation: VehiclesDepreciationAsset DisposalProfit/Loss on sale of vehicles.Show all your workings.

Depreciation Schedule for H Traders. Vehicle 1: Date of purchase…

The following information was taken from the fixed assets register of Hogwarts Traders. The vehicles indicated below are the only vehicles owned by the sole trader. The company has a 31 December year end. Horw

The following information was taken from the fixed assets register of Hogwarts Traders. The vehicles indicated below are the only vehicles owned by the sole trader. The company has a 31 December year end. Horw

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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Question

accumulated depreciation for Vehicle 1 should be up to date of sale

Hogwarts Traders: Vehicle 2
Date
1 August 2019
Accumulated
Date
Current
The following information was taken from the fixed assets register of Hogwarts
Purchased:
depreciation
depreciation
Traders. The vehicles indicated below are the only vehicles owned by the sole
Make and
Hyundai Atos
31 Dec
?
trader. The company has a 31 December year end.
reg.
2019 (ZV109GP)
2019
Purchased
Hyundai
Hogwarts Traders: Asset Register
from:
Auto(Cash)
Hogwarts Traders: Vehicle 1
Cost Price:
R150 000
1 May 2015
Accumulated
Rate of
15% according
Date
Date
Current
Purchased:
depreciation depreciation
Depreciation:
to straight line
Make and
Toyota Hilux
31 Dec
21333.33
21 333.33
method.
reg.:
2014 (FG765GP)
2015
Sold to:
Purchased
Benji's Car Sales
31 Dec
29 866.67
51 200.00
Type of Sale:
from:
(Credit)
2016
Date sold:
Cost Price
320 000.00
31 Dec
26 880.00
78 O80.00
Selling Price:
2017
Rate of
10% according
31 Dec
24 192.00
102 272.00
Required:
Depreciation:
to reducing
2018
balance
Prepare the following accounts in the general ledger of Hogwarts Traders for the
method.
financial year ended 31 December 2019 ONLY.
Sold to
V. Limited,
31 Dec
2019
Start with the opening balances. Balance the accounts at the end of the month.
Type of Sale:
Cash
Ignore VAT.
Date sold:
1 July 2019
Selling Price:
Vehicles
250 000.00
Accumulated depreciation: Vehicles
Depreciation
Asset Disposal
Profit/Loss on sale of vehicles.
Show all your workings.

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