Question PPE 16.4 On 1 October 2019 Property, Plant And Equipment Of Kabia

CACN012 RECOGNITION, MESUREMENT AND DISCLOSURE OF ASSETS Question PPE 10.4 On 1 October 2020 property, plant, and equipment of Kobia Limited consisted of the followina halances' The straight-line rates of depreciation, based on cost, used to date were 10% per annum for plant and equipment; 20% per annum for motor vehicles; and 12.5% per annum for furniture and fittings. It is the company's policy to make full year's depreciation charge on new capital items of fixed assets in the year of purchase. No depreciation is raised on capital items sold during the year. The following additional information is relevant to the calculation of depreciation for the year ended 30 September 2021. a) Walter \& Associates, a firm of appraisers and valuers, professionally valued Land, and buildings during the year at R975 000. When land and building were acquired, R350 000 was attributable to the buildings. b) An item of equipment bought in November 2016 for R105 000 is now recognised to have a total useful life of 20 years. c) A motor vehicle purchased in June 2018 for R85 000 was traded in at a value of R44 000 in part exchange for a new motor vehicle costing R140 000. d) Included with the furniture and fittings is an item which originally cost R15 000, and which is already fully depreciated and is to be discarded. You are required to: Prepare a reconciliation schedule for property, plant, and equipment in a form suitable for inclusion in the company's financial statements for the financial reporting period ended 30 September 2021. Clearly show the amount to be charged against the year's profits and the balances to be shown on the statement of financial position. You may include the relevant accounting policy note as part of your answer. Ignore taxation