You are the accountant of Triptick Traders. Your manager has asked you to assist with the following asset transactions that took place during 2011, 2012 and 2013.

Triptick Traders has a 30 September financial year-end.

2011:

Jan 1 - Purchase Toyota vehicle for cash, R300 000.

May 31 - Purchase Laptop 101 for cash, R8 500.

Dec 1 - Purchase fax machine for cash, R4 000.

2012:

Jun 1 - Purchase TATA vehicle on credit from Auto Dealers for R360 000.

2013:

Jul 31 - The Toyota vehicle was traded in on a new vehicle for R145 000. The cost price of the new vehicle was R400 000.

Sept 1 - Laptop 101 was sold for R3 500. On the same day Laptop 202 was purchased on credit for R9 500.

Additional information:

1. Depreciation method and rate used on all vehicles reducing balance method at 20% per year.

2. Depreciation method and rate used on all equipment (Laptop & fax machine) straight-line method at 20% per year.

3. Triptick is not a registered VAT vendor.

Question 1

What is the carrying amount of vehicles on 1 October 2012?

A. R660 000

B. R120 000

C. R540 000

Question 2

What is the carrying amount of equipment on 1 October 2012?

A. R2 934

B. R12 500

C. R9 566

Question 3

What is the carrying amount of equipment on 30 September 2013?

A. R7 050

B. R13 500

C. R11 875

Question 4

What is the carrying amount of vehicles on 30 September 2013?

A. R425 467

B. R760 000

C. R655 467

Question 5

What is the total depreciation amount for vehicles for the year ending 30 September 2013?

A. R51 000

B. R114 533

C. R75 000

Question 6

What is the total depreciation amount for equipment for the year ending 30 September 2013?

A. R2 525

B. R2 516

C. R1 700

Question 7

What is the carrying amount of the disposed vehicle?

A. R255 000

B. R204 000

C. R170 000

Question 8

What is the carrying amount of the disposed equipment?

A. R4 675

B. R6 233

C. R7 933