Full Speed Limited Assume that you have been appointed as a Fixed Asset Manager in Full Speed Limited. Your role is to maintain all the Fixed Assets Ledger balances and account for the depreciation on them. The mangement of the company asked you an updated ledger balances for its Vehicle Account, Accumulated depreciation on vehicles and gain / (loss) on sale vehicles. Upon scrunity of the financial statements of Full Speed Limited for the year ended 30 June 2017 you found the following details: Description GBP Vehicles at Cost Less: Accumulated depreciation 1244.503) WDV of vehicles 652,013 407.500 Full Speed Limited provides depreciation on vehicles @ 15% per annum on written down values Depreciation on addition / deletion is provided in proprtion to the period of use. other related informations as follows: On 1 August 2017, a vehicle which was aquired at a cost of 8,500 on 1 July 2015 was exchanged for a new vehicle The balance was settled with a cheque for 3,500. The list price of the new vehicle was 9,000 Three new vehicles were purchased on 1 December 2017 for 12,500 each. On February 2018, a vehicle having written down value of 5,500 was repaired at a cost of 250,000. It is expected that the repairs would improve the efficiency of the vehicle significantly. On 30 June 2018, a vehicle purchased on 1 January 2016 at a cost of 15,000 was sold for f 13,500. H Depreciation on Old Vehicle Exchanged: Transaction Details Vehiches Accumulated Depr Loss on Sales Old Vehiches Bank Cost 8,500 7,225 6,141 Dep 1,275 1,084 77 Accum Dep NBV 1,275 2,359 2,436 7,225 (12 months) 6,141 (12 months) 6,064 (1 month) Depreciation Accumulated Depr Vehicles Bank Depreciation on New Vehicle: Cost Dep Accum dep NBV 9,000 1,238 1,238 Vehicle Bank 7,763 (11 months) iv Bank Accumulated Depr Gain on sales Vehicle Depreciation on New Vehicle Disposed on 30 June 2017 Cost Dep Accum dep NBV 15,000 1,125 1,125 13,875 (6 months) 13,875 2,081 3,206 10,669 (12 months) VEHICHES AIC DATE DATE DETAILS New vehicle (exhange) New vehicles Repaired vehicle DETAILS Old vehicles 0.00 0.00 0.00 0.00 1 0.00 BAL B/D 0.00 0.00 DATE ACCUMULATED REPRECIATION A/C DATE 0.00 DETAILS Exchanged vehicle Sold vehicle DETAILS 0.00 0.00 0.00 0.00 BAL B/D BANK A/C DATE DATE DETAILS Sale of vehicle 13,500.00 DETAILS Exchange New vehicles Repair cost 0.00 0.00 0.00 13.500.00 0.00 BAL B/D - 13,500.00