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The financial year end of John ends on 31 December. On 1 January 2022, he purchased ten cars at a cost of $7500 each.
The financial year end of John ends on 31 December. On 1 January 2022, he purchased ten cars at a cost of $7500 each. On 31 December 2023, two of the ten vehicles were sold for $5000 each. His policy is to use the reducing balance method at a rate of 25%, charging a full year's depreciation in the year of purchase but none in the year of sale. Required: i. Motor vehicles account for the years 2022 and 2023 ii. Provision for depreciation on motor vehicles for the years 2022 and 2023 Motor vehicle disposal account for 2023
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i Motor vehicles account for the years 2022 and 2023 Year 2022 Opening balance 10 cars at 7500 ...Get Instant Access to Expert-Tailored Solutions
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