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QUESTION 3 (30 MARKS) On 30 June 2019 Vector Ltd disposed of a vehicle that cost R200 000 for R20 000. The accounting records
QUESTION 3 (30 MARKS) On 30 June 2019 Vector Ltd disposed of a vehicle that cost R200 000 for R20 000. The accounting records on 31 December 2018 showed the following: Accumulated depreciation: R90 000 Useful life: Financial year-end: 5 years (Straight line) 31 December Purchased furniture to the value of R30 000 on credit on 1 August 2019. Furniture is depreciated over 3 years according to the diminishing balance method. REQUIRED: Prepare the journal entries to record the above transaction in the General Journal of Vector Ltd for the reporting period ended 31 December 2019. You may ignore VAT. (30)
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