A company starts in business on 1 January 2024. You are to write up the vans at cost account and the accumulated depreciation account for the year ended 31 December 2024 from the information given below. Depreciation is at the rate of 25% per annum, using the basis that one complete month’s ownership needs one month’s depreciation.

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2024 Bought one van for 69,000 on 1 January Bought two vans for 72,000 each on 1 August