QUESTION $5$

$(10$ MARKS$)$

On $1$ March $2019$ Goblet Ltd acquired machinery that cost R$230000($including VAT$)$ for cash. The useful life of the machinery is $10$ years and depreciation is calculated on a straight line basis. The financial year$-$end of Goblet Ltd is $31$ December.

REQUIRED:

Prepare the journal entries to record the above transaction in the General Journal of Goblet Ltd as at $31$ December $2019.$