UpTown Enterprises is a registered vat vendor. Uptown Enterprises purchased Machinery on 1 June 2021 for R45 885 inclusive of vat. This machinery was sold on 1 December 2022 for R40 250s cash. Machinery is depreciated at 20% on cost. Vat of 15% applies to all transactions. The financial year end is 28 February 2023. (Round all answers to the nearest rand) Amounts include Vat unless stated otherwise.

UpTown Enterprises is a registered vat vendor. Uptown Enterprises purchased Machinery on 1 June 2021 for R45 885 inclusive of vat. This machinery was sold on 1 December 2022 for R40 250s cash. Machinery is depreciated at 20% on cost. Vat of 15% applies to all transactions. The financial year end is 28 February 2023. (Round all answers to the nearest rand) Amounts include Vat unless stated otherwise.

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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