The carrying value of vehicles on 01 January 2023 (the start of the financial year) was R 1200 000. A vehicle, with a cost price of R360 000 and updated accumulated depreciation of R288 000, is planned to be sold during June 2023 at a loss of R12 000. A new vehicle a cost price of R360 000. 

How much will be reflected in the pro forma statement of financial position on 31 December 2023 for the carrying value of vehicle?

Answer rating: 100% (QA)

To calculate the carrying value of the vehicle on the pro forma statement of financial position on 3... View the full answer