The register of property, plant and equipment of Deskman (Pty) Ltd is presented to you. As the accountant you are required to prepare all the entries and calculations, and satisfy all disclosure requirements, regarding property, plant and equipment in the financial statements of the company for the financial year ended 30 June 20.5.

A summary of the register of property, plant and equipment at 1 July 20.4 is as follows:

Furniture:
Cost	22 000
Accumulated depreciation	8 000

Motor vehicle:
Cost	60 000
Accumulated depreciation	31 000
Machine A:
Cost	15 000
Accumulated depreciation	7 000
Machine B:
Cost	63 000
Accumulated depreciation	-
Machine C:
Cost	18 000
Accumulated depreciation	3 000
Land:
Cost	150 000

Additional information

The following rates and methods of depreciation are applicable:

Property, plant and equipment are accounted for on the cost model.

Land-no depreciation.

Furniture-10% straight line.

Motor vehicles-20% straight line.

Machinery-20% diminishing balance method.

Capitalised leased machinery-20% diminishing balance method.

The assets have no residual value.

On 31 December 20.4 a delivery vehicle with an original cost of R18 000 was sold for R7 500 and this amount was credited to the motor vehicle account. On 1 July 20.4 the accumulated depreciation of the vehicle amounted to R11 000. Assume that the requirements of IFRS 5 were not met until the date of the sale and that the asset wasnever classified as 'held for sale'.

Machine B was obtained and put into operation on 30 June 20.4, and is held in terms of a lease agreement.

Land consists of stand no. 65, Industrial, and was purchased in 20.0. The board of directors estimated the current market value of the property to be R200 000 at 30 June 20.5. The land is not classified as an investment property.

The current market value of the other assets does not differ materially from their carrying amounts.

No other transactions relating to property, plant and equipment took place during the year.

Required:

CONDUCT the property, plant and equipment note for the year ended 30 June 20.5. and disclose the property, plant and equipment in the statement of financial position of Deskman (Pty) Ltd for the year ended 30 June 20.5 so as to comply with the requirements of International Financial Reporting Standards (IFRS). Ignore comparative amounts.