Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following balances, inter alia, appeared in the ledger of Viera Stores on 1 March 2015 Equipment R18 000 Accumulated depreciation on equipment R7 500

image text in transcribed

The following balances, inter alia, appeared in the ledger of Viera Stores on 1 March 2015 Equipment R18 000 Accumulated depreciation on equipment R7 500 Viera Stores provides for depreciation on equipment at 20% per annum on the diminishing balance. The following information is available in respect of a fax machine that was sold on credit to a trade debtor, C Ronaldo: Date sold 30 November 2015 Cost price R2 000 Accumulated depreciation (1 March 20.5) R720 Financial year-end 28 February 2016 Selling price R1000 Required: - Prepare the entries in the General Journal to record the disposal of the asset on 30 November 2015 - Prepare the Asset Realization account in the general ledger

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

Fundamental Financial Accounting Concepts Paperback By Edmonds Thomas P O

Authors: Thomas P. Edmonds, Christopher Edmonds, Mark A. Edmonds, Jennifer Edmonds, Philip R. Olds

11th Edition

9781264266234, 1264266235

More Books

Students also viewed these Accounting questions