Homework Answers
| Vehicles | |||
| Particulars | Amount | Particulars | Amount |
| Beginning Balance | 320000 | Asset disposal | 320000 |
| To Cash | 150000 | Balance | 150000 |
| 470000 | 470000 | ||
| Accumulated depreciation: Vehicles | |||
| Particulars | Amount | Particulars | Amount |
| Asset disposal | 113158.4 | Beginning Balance | 102272 |
| Balance | 9375 | Depreciation vehicle 1 | 10886.4 |
| Depreciation vehicle 2 | 9375 | ||
| 122533.4 | 122533.4 | ||
| Asset Disposal | |||
| Particulars | Amount | Particulars | Amount |
| Beginning balance | 0 | Accumulated depreciation:vehicles | 113158.4 |
| Vehicles | 320000 | Cash | 250000 |
| Profit/loss on sale of vehicle | 43158.4 | ||
| 363158.4 | 363158.4 | ||
| Profit/loss on sale of vehicle | |||
| Particulars | Amount | Particulars | Amount |
| Income statement | 43158.4 | Beginning balance | 0 |
| Asset disposal | 43158.4 | ||
| 43158.4 | 43158.4 |
| Hogwarts Traders | |||
| Vehicle-1 | Depreciation at 10% of WDV | ||
| Cost | 320000.00 | ||
| Depreciation 2015 (8 months) | 21333.33 | =(320000*0.10)*8/12 | |
| opening 2016 | 298666.67 | ||
| Depreciation 2016 | 29866.67 | =(298666.67*.10) | |
| opening 2017 | 268800.00 | ||
| Depreciation 2017 | 26880.00 | =(268800*0.10) | |
| opening 2018 | 241920.00 | ||
| depreciation 2018 | 24192.00 | =(241920*0.10) | |
| opening 2019 | 217728.00 | ||
| depreciation 2019 ( 6 months) | 10886.40 | =(217728*0.10)*6/12 | |
| Value on 1st July 2019 | 206841.60 | ||
| Selling price | 250000 | ||
| Gain on sale | 43158.40 | ||
| Vehicle 2 | Depreciation 15% at straightline method | ||
| Cost | 150000 | ||
| Depreciation for 2019 (5 months) | 9375 | =(150000*0.15)*5/12 | |
| Balance Dec 2019 | 140625 |
| Accumulated depreciation vehicle 1 | |
| 2015 | 21333.33 |
| Balance | 21333.33 |
| 2016 | 29866.67 |
| Balance | 51200 |
| 2017 | 26880 |
| Balance | 78080 |
| 2018 | 24192 |
| Balance | 102272 |
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20 2020 Question 1 (Marks: 201 The following information was taken from the fixed as sets...
Question 1 (Marks: 20) The following information was taken from the fixed assets register of Hogwarts...
Question 1 (Marks: 20) 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. Date Hogwarts Traders: Asset Register Hogwarts Traders: Vehicle 1 Date 1 May 2015 Purchased: Make and Toyota Hilux reg.: 2014 (FG765GP) Purchased Benji's Car Sales from: (Credit) Cost Price: 320 000.00 Current Accumulated depreciation depreciation 21 333.33 21 333.33 31 Dec 2015...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
20 2020 Question 2 (Marks: 10) On 31 August 2018, Musk Traders purchased a machine on...
20 2020 Question 2 (Marks: 10) On 31 August 2018, Musk Traders purchased a machine on credit for a cost price of R402 500 (including VAT at 15%). Machinery is depreciated over six years according to the straight-line basis and there is no residual value on this machine, as it is highly specialised. Musk Traders has a 30 June year-end. Required: Calculate the depreciation and accumulated depreciation for 2019 and 2020. Round to the nearest Rand. Show all your workings
QUESTION 2 DISPOSAL OF PROPERTY, PLANT AND EQUIPMENT; CREDITORS CONTROL [20 MARKS] 2.1 REQUIRED Use the...
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Problem 3 (20 marks) Bunny's Mining Plus had the following account balances as at 30 June...
Problem 3 (20 marks) Bunny's Mining Plus had the following account balances as at 30 June 2018 (2018 financial year end). Machinery Accumulated Depreciation - Machinery Vehicles Accumulated Depreciation — Vehicles $ 102 000 66 000 40 000 14 800 Additional information as at 30 June 2018 1. "Machinery" account consists of one machine (Machine 1), which was purchased on 1 October 2015 with a recorded value $102 000. At the purchase date, the estimated useful life of Machine 1...
The following information relating to property plant and equipment was extracted from
QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
PLEASE FILL IN MISSING ANSWERS. At December 31, 2020, Riverbed Company reported the following as plant...
PLEASE FILL IN MISSING ANSWERS.
At December 31, 2020, Riverbed Company reported the following as
plant assets. Land $ 4,180,000 Buildings $27,310,000 Less:
Accumulated depreciation—buildings 12,890,000 14,420,000 Equipment
47,470,000 Less: Accumulated depreciation—equipment 4,530,000
42,940,000 Total plant assets $61,540,000 During 2021, the
following selected cash transactions occurred. April 1 Purchased
land for $2,060,000. May 1 Sold equipment that cost $1,050,000 when
purchased on January 1, 2017. The equipment was sold for $630,000.
June 1 Sold land purchased on June 1, 2011...
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson...
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Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson...
Transactions for Fixed Assets, Including Sale The following transactions and adjusting entries were completed by Robinson Furniture Co. during a three-year period. All are related to the use of delivery equipment. The double-declining-balance method of depreciation is used. Year 1 Jan. 8. Purchased a used delivery truck for $61,440, paying cash. Mar. 7. Paid garage $220 for changing the oil, replacing the oil filter, and tuning the engine on the delivery truck. Dec. 31. Recorded depreciation on the truck for...
Question 1 (Marks: 20) 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. Date Hogwarts Traders: Asset Register Hogwarts Traders: Vehicle 1 Date 1 May 2015 Purchased: Make and Toyota Hilux reg.: 2014 (FG765GP) Purchased Benji's Car Sales from: (Credit) Cost Price: 320 000.00 Current Accumulated depreciation depreciation 21 333.33 21 333.33 31 Dec 2015...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
4. Fixed Assets (19 Marks) Rebecca's parents purchased a motor home (RV) for $60 000 on 31 July 2019. They plan on keeping this vehicle for approximately 3 years to travel around the country. After they have finished travelling, at the beginning of December 2022, they plan to sell this vehicle for approximately $32 000 cash. The financial year ends on 28 February each year. (8) 4.1 Complete the Fixed Asset Register for the motor home from the date of...
20 2020 Question 2 (Marks: 10) On 31 August 2018, Musk Traders purchased a machine on credit for a cost price of R402 500 (including VAT at 15%). Machinery is depreciated over six years according to the straight-line basis and there is no residual value on this machine, as it is highly specialised. Musk Traders has a 30 June year-end. Required: Calculate the depreciation and accumulated depreciation for 2019 and 2020. Round to the nearest Rand. Show all your workings
Problem 3 (20 marks) Bunny's Mining Plus had the following account balances as at 30 June 2018 (2018 financial year end). Machinery Accumulated Depreciation - Machinery Vehicles Accumulated Depreciation — Vehicles $ 102 000 66 000 40 000 14 800 Additional information as at 30 June 2018 1. "Machinery" account consists of one machine (Machine 1), which was purchased on 1 October 2015 with a recorded value $102 000. At the purchase date, the estimated useful life of Machine 1...
QUESTION THREE [20]
The following information relating to property plant and equipment
was extracted from
the accounting records of Sandile’s Supermarket:
1. Balances at 28 February 2018:
- Equipment at cost R 56 000
- Accumulated depreciation: equipment R 10 860
- Vehicles at cost R560 000
- Accumulated depreciation: vehicles R285 360
2. The following transactions in respect of property, plant and
equipment took place
during the current financial year:
2.1 An old vehicle was sold on 31 August...
PLEASE FILL IN MISSING ANSWERS.
At December 31, 2020, Riverbed Company reported the following as
plant assets. Land $ 4,180,000 Buildings $27,310,000 Less:
Accumulated depreciation—buildings 12,890,000 14,420,000 Equipment
47,470,000 Less: Accumulated depreciation—equipment 4,530,000
42,940,000 Total plant assets $61,540,000 During 2021, the
following selected cash transactions occurred. April 1 Purchased
land for $2,060,000. May 1 Sold equipment that cost $1,050,000 when
purchased on January 1, 2017. The equipment was sold for $630,000.
June 1 Sold land purchased on June 1, 2011...
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