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REQUIRED Use the information provided below to answer the following questions: 2.1 Calculate the profit or loss on the vehicle sold. (5 marks) 2.2 Prepare
REQUIRED Use the information provided below to answer the following questions: 2.1 Calculate the profit or loss on the vehicle sold. (5 marks) 2.2 Prepare the Accumulated Depreciation on Vehicles account in the ledger by recording all the relevant transactions for the year ended 28 February 2022. (5 marks) 2.3 Complete the note to the financial statements "Property, plant and equipment" as at 28 February 2022. (10 marks) INFORMATION The information given below was extracted from the accounting records of Showmax Traders at thr year-end 28 February 2022: 1. On 01 March 2021 the following balances, amongst others, appeared in the books of Showmax 5/ 2. A vehicle with a cost price of R300000 was purchased on 01 June 2021. 3. On 31 August 2021, an old vehicle that cost R240 000 was sold for R15000 cash. The accumulated depreciation on this vehicle amounted to R200000 on 01 March 2021. 4. Depreciation is calculated at 20% p.a. using the diminishing balance method
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