Asset Realisation

$10$ Marks

Thuto Limited purchased the following on $1$ March $2014$:

Machinery at cost price R$200000.$ The machinery had an estimated useful life of $5$ years and residual value of R$12000.$ Thuto Limited sold the machinery on $01$ September $2016$ for R$65000.$

You are required to:

$1\mathrm{.}1$ Prepare the accumulated depreciation account, properly balanced, in the books of Thuto Limited for the years ended $28$ February $2015,2016$ and $2017.$

$(6)$

$1\mathrm{.}2$ Prepare the Asset Realisation account, properly balanced, in the books of Thuto Limited for the year ended $28$ February $2017$ to show the profit or loss on realisation.

$(4)$

$[10]$