You are employed as the junior accountant at Linksfield Wholesalers, a registered VAT vendor. Thecurrent financial year end of the business is $31$ December $2024.$ You have extracted the followinginformation relating to one of the businesss assets below:Date of purchaseAsset Cost of asset $($includingVAT$)$Purchased from$31/03/2022$ Ford Sedan passengervehicleR$368000$ Sandton FordDealershipVehicles are depreciated at $25\%$ pa on the diminishing balance method.The above passenger vehicle was sold on $31$ October $2024$ for R$202400$ inclusive of VAT.Management of Linksfield Wholesalers decided to replace the passenger vehicle with a deliveryvehicle and purchased a new Isuzu van on $1$ December $2024$ for R$253000$ inclusive of VAT. LinksfieldWholesalers paid cash for the new vehicle.The following balances were extracted from the trial balance as at $31$ December $2023$: Vehicles: R$755000$ Accumulated depreciation: Vehicles R$405000$Note: Show all the workings.Required:Q$\mathrm{.}2\mathrm{.}1$ Calculate the net carrying value of the passenger vehicle at the time of sale $31$ October $2024.$Set out your workings in table format as below and state the net carrying valueclearly at the end:Year$/$Period CalculationworkingsDepreciation Accumulateddepreciation$(8)$Q$\mathrm{.}2\mathrm{.}2$ Calculate the Profit or Loss on disposal of the passenger vehicle. Indicate clearlywhether it is a profit or loss on disposal.Q$\mathrm{.}2\mathrm{.}3$ Prepare the following general ledger accounts for the current financial year ending$31$ December $2024$: Vehicles $(5(1)/(2)$ marks$)$ Accumulated depreciation on vehicles $(12(1)/(2)$ marks$)$