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Melody Mines, a registered VAT vendor, is a uranium mining and exploration company. The company has a 31 March year end. On 1 August 2016
Melody Mines, a registered VAT vendor, is a uranium mining and exploration company. The company has a 31 March year end. On 1 August 2016 a dump truck was purchased for R2 826700 including VAT. At that date, Truck A was expected to have a useful life of 5 years and would be depreciated on the straightline method. On 31 March 2018, the financial manager, based on new information, changed the depreciation method from the straight-line method to the kilometres travelled method. At that date, it was expected that the useful life of the truck would be 100000kms. You are provided with the following odometer readings: On 28 February 2019, the dump truck was hijacked and stolen on its way to one of the dump sites near the mine. On 2 March 20x19, after obtaining the relevant case numbers from authorities, the claim was submitted to the insurer. After all investigations were completed, the insurance company informed Melody Mines on 26 March 2019, that the claim was successful and that an amount of R920 000 would be paid over to them. Prepare calculations since acquisition until 31 Mach 2019. Melody Mines, a registered VAT vendor, is a uranium mining and exploration company. The company has a 31 March year end. On 1 August 2016 a dump truck was purchased for R2 826700 including VAT. At that date, Truck A was expected to have a useful life of 5 years and would be depreciated on the straightline method. On 31 March 2018, the financial manager, based on new information, changed the depreciation method from the straight-line method to the kilometres travelled method. At that date, it was expected that the useful life of the truck would be 100000kms. You are provided with the following odometer readings: On 28 February 2019, the dump truck was hijacked and stolen on its way to one of the dump sites near the mine. On 2 March 20x19, after obtaining the relevant case numbers from authorities, the claim was submitted to the insurer. After all investigations were completed, the insurance company informed Melody Mines on 26 March 2019, that the claim was successful and that an amount of R920 000 would be paid over to them. Prepare calculations since acquisition until 31 Mach 2019
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