Question

Required: • Making use of the information below complete the note to the financial statements for...

Required: •

Making use of the information below complete the note to the financial statements for property, plant, and equipment.

Balances

Land and Buildings (29 February 2020) R2 500 000
Office Equipment (1 March 2019) R700 000
Accumulated depreciation Vehicles (1 March 2019) R140 000

• Additional information:

• A new office building was bought on 1 June 2019 for R1 500 000. This transaction has been recorded.

• Office Equipment with an original cost of R120 000, and accumulated depreciation of R24 000 (at 1 March 2019), was sold on 1 December 2019 for cash of R85 000.

• Office Equipment is depreciated at 25% per year on the straight-line basis

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Answer #1
Fixed Asset Original Cost Accumulated Depreciation Net
1-Mar-19 Addition Deletion 29-Feb-20 1-Mar-19 For the year 29-Feb-20 1-Mar-19 29-Feb-20
Land and Building    2,500,000      2,500,000
Office Equipment              700,000 120000       580,000    169,000.00    169,000.00    411,000.00
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