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Use the information provided below to post to the following accounts in the general ledger. Balance or close off the accounts. 2.2.1 Vehicles (4 marks)
Use the information provided below to post to the following accounts in the general ledger. Balance or close off the accounts. 2.2.1 Vehicles (4 marks) 2.2.2 Accumulated depreciation on vehicles (6 marks) 2.2.3 Fixed asset realisation (5 marks) INFORMATION On 01 March 2022, the beginning of the financial year, the following balances (amongst others) appeared in the aeneral ledaer of Ascot Traders: A motor vehicle that cost R200 000 was sold for R52 000 cash on 31 August 2022. The accumulated depreciation on the vehicle amounted to R120 000 on 01 March 2022. Depreciation is calculated at 20% per annum using the fixed instalment method. On 01 September 2022 a new vehicle was purchased for R300 000 cash to replace the vehicle that was sold. Provide for depreciation on vehicles for the year ended 28 February 2023
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