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please answer in details to help learn all steps REQUIRED: Study the information given below and answer the following questions: 1. Calculate the profit or
please answer in details to help learn all steps
REQUIRED: Study the information given below and answer the following questions: 1. Calculate the profit or loss on the sale of the computer. 2. Prepare the Equipment account in the General ledger of Westwood Stores for the year ended 28 February 2023. Balance the account. 3. Prepare the following note to the financial statements as at 28 february 2023: Property, plant and equipment (Equipment column only) 4. Identify THREE (3) other ways in which the computer could have been disposed of. INFORMATION: a) On 01 March 2022 the following balances, amongst others, appeared in the ledger of Westwood Stores: - Equipment (at cost): R300 000 - Accumulated depreciation on equipment: R120000 b) On 01 September 2022 a new computer was purchased for R20 000 cash. c) On 28 february 2023 an old computer was sold for R2 000 cash. The cost price of the computer was R15 000 and the accumulated depreciation on it amounted to R11 000 on 01 March 2022. d) Depreciation is calculated at 15% p.a. on cost. The financial year ends on 28 February 2023 Step by Step Solution
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