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Question 2 [28] DISCLOSURE OF NON-CURRENT ASSETS Vidia owns a pet shop, Dell Enterprises The financial year of Dell Enterprises ends on 30 June. According
Question 2 [28] DISCLOSURE OF NON-CURRENT ASSETS Vidia owns a pet shop, Dell Enterprises The financial year of Dell Enterprises ends on 30 June. According to the accounting policies of the entity, depreciation is provided for at 20% on motor vehicles, using the straight-line method, and 15% on furniture and fittings, using the reducing balance method. Dell Enterprises is not registered as a VAT vendor, as the annual turnover is not expected to exceed R1 000 000. The entity also decided not to voluntary register for VAT. The following balances appeared in their records on 1 July 2019: Land and buildings R850 000 Motor vehicles at cost R456 300 Accumulated depreciation: Motor vehides R125 980 Furniture and fittings at cost R95 120 Accumulated depreciation: Fumiture and fittings R28 530 On 1 November 2019, Dell Enterprises bought a new executive boardroom table from Vivo Furnishers for R45 000. On 1 March 2020, a motor vehicle with a carrying value of R45020 and accumulated depreciation of R35 980 at the beginning of financial year was sold for R7 716 cash. Required: Prepare the note to the financial statements that shows the movements for property, plant and equipment for the year ended 30 June 2020. Show all your calculations
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