Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Balance at the end of the financial year: 28 February 2022. Vehicles R600 000 Accumulated depreciation R250 000. Adjustment: Depreciation is calculated at 10%
Balance at the end of the financial year: 28 February 2022. Vehicles R600 000 Accumulated depreciation R250 000. Adjustment: Depreciation is calculated at 10% on cost. An old vehicle was disposed on 31 August 2021 for R21 000 cash. The vehicle originally costed R25 000 and the Accumulated depreciation for previous years is R 3 000. Profit/loss for the disposed vehicle is: OA. Profit/loss R3 000 OB. Profit/loss R500 OC. Profit/loss R1 250 OD. Profit/loss R250
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