Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

swered arked out of 1 . 0 0 Flag uestion Balances as at 3 1 August 2 0 . 3 : R Time left 1

swered
arked out of
1.00
Flag
uestion
Balances as at 31 August 20.3:
R
Time left 1:31:00
Plant and machinery (at cost)
170000
Accumulated depreciation: plant and machinery
93200
Additional information
(a) According to the asjets negister, plant and machinery consist of two Gijima machines of equal value. Both the machines were purchased by obtaining a loan from Capital Bank and they were charged 15% interest per annum and installed on the same date.
(b)
Depreciation is written off at 20% per annum by the diminishing balance method.
(c)
On 31 January 20.4, management decided to increase production capacity and purchased a Queen machine on cnedit from Nhlalala Ltd for R180000. One of the Gijima machines was tnaded n, rectucing the amount owing to Nhlalala Ltd to R141000.
(d)
On 1 February 20.4, installation charges on the new machine amounting to R12000 were paid in cash.
REQUIRED
Post the above transact ians to the general ledger account provided below.
?
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Audit Anything The Pink Book Of Auditing Any Process

Authors: R. Alakbarov

1st Edition

1520195575, 978-1520195575

More Books

Students also viewed these Accounting questions

Question

demonstrate the importance of induction training.

Answered: 1 week ago