QUESTION 3 (30 MARKS) On 30 June 2019 Vector Ltd disposed of a vehicle that cost...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
QUESTION 3 (30 MARKS) On 30 June 2019 Vector Ltd disposed of a vehicle that cost R200 000 for R20 000. The accounting records on 31 December 2018 showed the following: Accumulated depreciation: R90 000 Useful life: Financial year-end: 5 years (Straight line) 31 December Purchased furniture to the value of R30 000 on credit on 1 August 2019. Furniture is depreciated over 3 years according to the diminishing balance method. REQUIRED: Prepare the journal entries to record the above transaction in the General Journal of Vector Ltd for the reporting period ended 31 December 2019. You may ignore VAT. (30) QUESTION 3 (30 MARKS) On 30 June 2019 Vector Ltd disposed of a vehicle that cost R200 000 for R20 000. The accounting records on 31 December 2018 showed the following: Accumulated depreciation: R90 000 Useful life: Financial year-end: 5 years (Straight line) 31 December Purchased furniture to the value of R30 000 on credit on 1 August 2019. Furniture is depreciated over 3 years according to the diminishing balance method. REQUIRED: Prepare the journal entries to record the above transaction in the General Journal of Vector Ltd for the reporting period ended 31 December 2019. You may ignore VAT. (30)
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Question 1 This question has two parts, (A) and (B). Answer both parts. 100% Liverpool plc is a company that manufactures a number of different types of electrical goods and has a year end of 31...
-
I need help on this read from bottom to top. Image transcription text 7"} The second ?nancial statement to prepare is the statement of retained earnings. To determine the ending balance of...
-
rewrite/downside Integrity and credibility are the ethics of professional practice that Juan Gomez was lacking in this instance. Juan Gomez lacked integrity because he created a conflict of interest...
-
Following are two years of income statements and balance sheets for the Munich Exports Corporation. A. Munich has a target dividend payout of 40 percent of net income. Based on the 2010 financial...
-
Mega Millions is a multistate lottery in which players try to guess the numbers that will turn up in a drawing of numbered balls. One of the balls drawn is the Mega Ball. Matching the number drawn on...
-
Mohammad Hashmi, a citizen of Pakistan, entered the United States in 2002 on a student visa. Two years later, when he applied for a job at CompuCredit, he completed an I-9 form and checked the box to...
-
what ways do advancements in environmental engineering contribute to sustainable development goals, particularly in the areas of water resource management, waste treatment technologies, and air...
-
Prepare breakeven analysis and a c-v-p analysis planning future sales using the information below. Breakeven analysis and planning future sales write company has a maximum capacity of 200,000 units...
-
In 2022, according to the U.S. Department of Agriculture, California, Texas, Oregon, Nevada, Utah, and New Mexico were suffering from extreme drought. The lack of rainfall greatly reduced the growth...
-
Repeat Problem 17 for \[\frac{Y(s)}{U(s)}=\frac{s^{2}+\frac{1}{3}}{2 s^{2}+s+2}\] Data From Problem 17: A system is described by its transfer function...
-
An object moving along the \(x\)-axis experiences a constant force in its direction of motion, \(F_{x}=56 \mathrm{~N}\). At \(t=1.2 \mathrm{~s}\), the object is moving at \(2.0 \mathrm{~m} /...
-
A solution with oxygen dissolved in water containing $0.5 \mathrm{mg} \mathrm{\textrm {O } _ { 2 }} / 100 \mathrm{~g}$ of $\mathrm{H}_{2} \mathrm{O}$ is brought in contact with a large volume of...
-
The following table gives the price of Charleston Corporations stock under different economic conditions: (a) Sketch a relative frequency diagram for Charlestons stock. (b) Calculate the mean and...
Study smarter with the SolutionInn App