Question
Question 2 If an asset was purchased for R68 000 on the 1/5/2023 and the financial year end is 31/12/2023, then if the asset is
Question 2
If an asset was purchased for R68 000 on the 1/5/2023 and the financial year end is 31/12/2023, then if the asset is depreciated over 3 years, the current year depreciation will be ?
Question 3
Yello Stores, registered VAT vendor, bought furniture for R99 864 inclusive of VAT on 31 July 2021 It was decided to depreciate the furniture at 20%pa according to the straight-line method. At the end of the financial year ending 28 February 2022, Yello Stores will record the following accounting entries:
a.
Debit Depreciation expense R8 760 ; Credit Accumulated depreciation R 8 760
b.
Debit Depreciation expense R11 651 ; Credit Accumulated depreciation: Furniture R 11 651.
c.
Debit Depreciation expense R10 220 ; Credit Accumulated depreciation: Furniture R 10 220.
d.
Credit Depreciation expense R8 760; Debit Accumulated depreciation: Furniture R 8 760.
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