QUESTION $1$

The following information is obtained from the asset register of Lavender Traders on $31$ March $2017$:

$\backslash$table$[[$Number$,$Asset,Cost,Accumulated depreciation$],[1,$Delivery vehicles,R$650000,$R$350000],[2,$Machinery,R$900000,$R$400000],[3,$Equipment,R$150000,$R$48000]]$

Additional information

Depreciation is written off as follows:

Delivery vehicles at $20\%$ per year on the reducing balance method;

Machinery at $15\%$ per year on cost;

Equipment at $10\%$ per year on the straight line method.

A delivery vehicle, which cost R$160000$ and with an accumulated depreciation of R$120000$ on $31$ March $2017,$ was destroyed in an accident on $30$ September $2017.$ The vehicle was insured and a cheque to the amount of R$30000$ was received from the insurance company.

On $30$ November $2017,$ one of the old machines, with a cost of R$300000$ and included in the figure of R$900000,$ was traded in on a new machine with a purchase price of R$575000.$ On $31$ March $2017,$ the accumulated depreciation of the old machine was R$140000$ and an amount of R$136800$ was received for it as traded$-$in value. The outstanding amount for the new machine was paid in by cheque.

When the equipment costing R$150000$ in the extract was originally purchased on $1$ April $2014,$ it was decided that it could be used for ten years and that it could still be sold for R$30000$ at the end of its expected useful life. On $31$ July $2017,$ it was decided that the equipment can be used for an additional three years and that it can be sold, after the useful life, for R$10000.$

You are required to:

a$)$ Prepare the applicable journal entries in respect of property, plant and equipment for the year ended $31$ March $2018$