Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Outsourcing Dilemma Whats Best For Internal Auditing

Authors: Larry E. Rittenberg, Institute Of Internal Auditors Research Foundation, Lee A. Campbell

1st Edition

0894133845, 978-0894133848

More Books

Students also viewed these Accounting questions

Question

Determine the various limitations on financial statement analysis.

Answered: 1 week ago

Question

What is organizational flattening? Why is it practiced?

Answered: 1 week ago