Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1.3 REQUIRED Use the information provided below to answer the following questions: 1.3.1 Prepare the Asset Disposal account in the general ledger of Powerade Stores.
1.3 REQUIRED Use the information provided below to answer the following questions: 1.3.1 Prepare the Asset Disposal account in the general ledger of Powerade Stores. The account must be closed off. (6 marks) (2 marks) 1.3.2 Calculate the deprecation for financial year ended 28 February 2022 on the vehicle that was sold. 1.3.3 Calculate the deprecation for the financial year ended 28 February 2023 on the vehicle that was purchased on 01 September 2022. (2 marks) INFORMATION 2022 the following balances, amongst others, appeared in the books of Powerade On 01 March 2022 a vehicle (which was estimated to nave a originally cost R240 000 was sold on credit for R90 000. The accumulated depreciation on this vehicle amounted to R160 000 on 01 March 2022. Depreciation is calculated on vehicles using the straight-line method. The financial year ended on 28 February 2023. On 01 September 2022 a new vehicle (with a useful life of six years) was purchased for R300 000 cash. REOUIRED Use the retevent information fom the transactions of OH Traders provided below to answer the following questions: 2.1 Calculate the total income, total exponses and net profit (lass) for the month (6 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started