Balances at the end of the financial year: 28 February 2022. Vehicles R300 000 Accumulated depreciation...
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Balances at the end of the financial year: 28 February 2022. Vehicles R300 000 Accumulated depreciation R50 000, Adjustment: Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2021 for R30 000 cash. The vehicle originally costed R50 000 and the Accumulated depreciation for previous years is R 10 000. Depreciation for the current year for the disposed vehicle is: A R1 250 OB. R2 000 OC R500 O D. R2 500 For every debit entry there must be a credit entry. A. Principle of entity B. Principle of double entry C. Principle of historical cost O D. Principle of materiality Petty cash R7 000, Bank overdraft R 5 000, Prepaid Expenses R 8000. Total current liabilities in the Statement of Financial position will reflect R13 000. Select one: True O False Balances at the end of the financial year: 28 February 2022. Vehicles R300 000 Accumulated depreciation R50 000, Adjustment: Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2021 for R30 000 cash. The vehicle originally costed R50 000 and the Accumulated depreciation for previous years is R 10 000. Depreciation for the current year for the disposed vehicle is: A R1 250 OB. R2 000 OC R500 O D. R2 500 For every debit entry there must be a credit entry. A. Principle of entity B. Principle of double entry C. Principle of historical cost O D. Principle of materiality Petty cash R7 000, Bank overdraft R 5 000, Prepaid Expenses R 8000. Total current liabilities in the Statement of Financial position will reflect R13 000. Select one: True O False
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D 2 Original So Date of sale 31Aug2021 financial year end 28Feb2022 Period for which depreciation is ... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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